Accounting 2
gibons
hho9e_e12_17_eip_stud.xlsE12-17
| Accounting, 9e | ||||||
| E12-17 | Issuing stock and preparing the stockholders' equity section of the balance sheet | |||||
| LO 3 [15-20 minutes] | ||||||
| Students please fill-in areas that are shaded | ||||||
| Student Name | ||||||
| Course Name | ||||||
| Student ID: | ||||||
| Date: | ||||||
| The charter for KCAS-TV, Inc., authorizes the company to issue 100,000 shares of | ||||||
| $4, no-par preferred stock and 500,000 shares of common stock with $1 par value. | ||||||
| During its start-up phase, KCAS completed the following transactions: | ||||||
| Sept 6 | Issued 275 shares of common stock to the promoters who organized the corporation, | |||||
| receiving cash of $8,250. | ||||||
| 12 | Issued 400 shares of preferred stock for cash of $20,000. | |||||
| 14 | Issued 1,600 shares of common stock in exchange for land valued at $18,000. | |||||
| 30 | Closed net income of $32,000 into Retained earnings. | |||||
| Requirements | ||||||
| 1. | Record the transactions in the general journal. | |||||
| 2. | Prepare the stockholders’ equity section of the KCAS-TV balance sheet at | |||||
| September 30, 2012. | ||||||
| Test Your Knowledge | ||||||
| E12-17 | ||||||
| Req. 1 | ||||||
| Journal | ||||||
| DATE | ACCOUNTS AND EXPLANATIONS | DEBIT | CREDIT | |||
| Sep 6 | ||||||
| Sep 12 | ||||||
| Sep 14 | ||||||
| Sep 30 | ||||||
| Req. 2 | ||||||
| KCAS-TV | ||||||
| Stockholders' Equity | ||||||
| September 30, 2012 | ||||||
| Paid-in capital: | ||||||
| Preferred stock, no par, 100,000 shares | ||||||
| authorized, 400 shares issued | $ - 0 | |||||
| - 0 | ||||||
| - 0 | ||||||
| - 0 | ||||||
| - 0 | ||||||
| Total stockholder's equity | $ - 0 |
&Lstudent name &Rdate here
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