Financial & Managerial Accounting

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P11-30A

Financial & Managerial Accounting
Problem 11-30A
Students:
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Include student information
Student Name as directed by your instructor.
Course Name
Student ID:
Date:
C-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the
state of Georgia authorizes C-Mobile to issue 60,000 shares of 10%, $150 par preferred stock and 140,000
shares of no-par common stock. C -Mobile completed the following transactions.
Problem 11-30A
Requirements
1. Record the transactions in the journal.
2. Prepare the stockholders' equity section of the C-Mobile Wireless balance sheet at December 31.
The ending balance of Retained earnings is $90,000. 0
0
Requirement 1
Journazile the Dec. 2 issuance of common stock.
Journal Entry 0
Date Accounts Debit Credit
Journalize the Dec. 6 issuance of preferred stock to acquire a patent.
Journal Entry
Date Accounts Debit Credit
Journalize the Dec. 9 issuance of common stock.
Journal Entry
Date Accounts Debit Credit
Requirement 2
Prepare the stockholders' equity section of the C-Mobile Wireless balance sheet at December 31.
Stockholders' Equity
Paid in Capital:
Enter preferred stock details here
Enter common stock details here.
Total paid in capital
Retained earnings 90,000
Total stockholders' equity
&LStudent name&RSept 01, 2008
&LCourse name&RStudent id
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