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Journalizing stock issuance and cash dividends and preparing the stockholders' equity section of the balance sheet: B-Mobile Wireless needed...
Journalizing stock issuance and cash dividends and preparing the stockholders’ equity section of the balance sheet:
B-Mobile Wireless needed additional capital to expand, so the business
incorporated. The charter from the state of Georgia authorizes B-Mobile to issue
70,000 shares of 5%, $100 par value cumulative preferred stock, and 110,000
shares of $2 par value common stock. During the first month, B-Mobile completed
the following transactions: *** TOTAL Stockholder's Equity is $504,000 ****
Issued 19,000 shares of common stock for a building with a market value of $250,000.
Issued 800 shares of preferred stock for $110 per share.
Issued 15,000 shares of common stock for cash of $90,000.
Declared a $16,000 cash dividend for stockholders of record on Oct. 20.
Use a separate Dividends Payable account for preferred and common stock.
Paid the cash dividend.
1. Record the transactions in the general journal.
2. Prepare the stockholders’ equity section of B-Mobile’s balance sheet at October 31, 2014. Assume B-Mobile’s net income for the month was $92,000.AttachmentDateOct 2 Oct 6 Oct 9 Oct 10 Oct 10 Oct 25 DescriptionBuildingTo Common stock19,000*2To Paid in excess ofpar Debit250,000 CashTo Preferredstock(800*100)To Paid in excess ofpar...