- Requirement 1 Record The Transactions In The General Journal Record Debits First Then Credits Select The Explanatio 1 (36.35 KiB) Viewed 17 times
- Requirement 1 Record The Transactions In The General Journal Record Debits First Then Credits Select The Explanatio 2 (20.65 KiB) Viewed 17 times
- Requirement 1 Record The Transactions In The General Journal Record Debits First Then Credits Select The Explanatio 3 (27.13 KiB) Viewed 17 times
Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Sep. 6: Issued 500 shares of common stock to the promoters who organized the corporation, receiving cash of $15,000. Accounts and Explanation Debit Date Credit Sep. 6 Sep. 12 Cash Common Stock-$1 Par Value Paid-In Capital in Excess of Par-Common Sep. 12: Issued 650 shares of preferred stock for cash of $21,000. Date Accounts and Explanation Sep. 14 Issued common stock for cash. Cash Preferred Stock-No Par Value Land Common Stock-$1 Par Value Paid-In Capital in Excess of Par-Common 15,000 Issued preferred stock for cash. Sep. 14: Issued 1,100 shares of common stock in exchange for land with a market value of $18,000. Date Accounts and Explanation Debit Issued common stock for land. Debit 21,000 18,000 500 14.500 Credit 21,000 Credit 1,100 16,900
Requirement 2. Prepare the stockholders' equity section of the KSAP - TV balance sheet at September 30, 2024, assuming KSAP-TV, Inc. had net income of $33,000 for the month. KSAP-TV, Inc. Balance Sheet (Partial) September 30, 2024 Stockholders' Equity Paid-In Capital: Preferred Stock-$5, No-Par Value; 100,000 shares authorized, 650 shares issued and outstanding Common Stock-$1 Par Value; 500,000 shares authorized, Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity 21000
More info Sep. 6 Issued 500 shares of common stock to the promoters who organized the corporation, receiving cash of $15,000. Sep. 12 Issued 650 shares of preferred stock for cash of $21,000. Sep. 14 Issued 1,100 shares of common stock in exchange for land with a market value of $18,000. Assume KSAP - TV, Inc. had net income of $33,000 for the month. Requirements Print Done 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the KSAP - TV balance sheet at September 30, 2024, assuming KSAP-TV, Inc. had net income of $33,000 for the month. Print Done X - X