Journalizing corporate transactions and preparing the stockholders’ equity section of the balance sheet
Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes Cell to issue 40,000 shares of 10%, $50 par preferred stock and 100,000 shares of no-par common stock. Cell completed the following transactions:
| Jan 2 | Issued 21,000 shares of common stock for equipment with a market value of $140,000. |
| 6 | Issued 600 shares of preferred stock to acquire a patent with a market value of $30,000. |
| 9 | Issued 11,000 shares of common stock for cash of $66,000. |
Requirements
1. Record the transactions in the general journal.
2. Prepare the stockholders’ equity section of the Cell balance sheet at January 31.
The ending balance of Retained earnings is $93,000.
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