Air One Stores is authorized to issue 12,000 shares of common stock. During a two-month period, Air One completed these

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Air One Stores Is Authorized To Issue 12 000 Shares Of Common Stock During A Two Month Period Air One Completed These 1 (37.29 KiB) Viewed 28 times

Air One Stores is authorized to issue 12,000 shares of common stock. During a two-month period, Air One completed these stock transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the transactions. Begin by journalize the transaction on June 23. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry June Date Aug 23 Next, journalize the transaction on August 12. Date 12 shares Accounts Total paid-in capital Total stockholders' equity Journal Entry Accounts Debit par, Debit Credit shares Credit Data table June Aug Requirement 2. Prepare the stockholders' equity section of Air One's balance sheet for the transactions. The company's Retained Earnings account has a balance of $40,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Balance Sheet (Partial) Stockholders' Equity: 23 Issued 2,700 shares of $3.00 par common stock for cash of $16.50 per share. 12 Received inventory with a market value of $15,000 and equipment with market value of $40,000 for 3,300 shares of the $3.00 par common stock. Print Done X