Week 8 Chapter 11 Decision Case 1

Week 8 Chapter 11 Decision Case 1 - Requirement 1 Accounts...

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Unformatted text preview: Requirement 1 Accounts and Explanations Cash Common Stock Debit 100,000 Credit 100,000 Requirement 2 Plan 1 Journal Entry Accounts and Explanations Cash Preferred Stock Debit 150,000 Plan 1 Cash Preferred Stock Common Stock Requirement 3 Stockholders' Equity Paid-in capital Preferred Stock, 6%, $100 par nonvoting noncumulative; 5000 shares authorized, 1500 issued Common Stock, $1 par, 500,000 shares authorized, 100,000 issued Total paid-in capital Retained Earnings Total Stockholders' Equity Journa Accounts and Explanatio Credit 150,000 Pla Pla Stockhold 150000 100000 250000 150000 400000 Paid-in capital Preferred Stock, $5, no par, 5 authorized, 1000 issued Common Stock, $1 par, 500,0 authorized, 170,000 issued Total paid-in capital Retained Earnings Total Stockholders' Equity 2 Plan 2 Journal Entry Accounts and Explanations Preferred Stock Common Stock 3 Debit 170,000 Credit 100,000 70,000 Plan 2 Stockholders' Equity d-in capital Preferred Stock, $5, no par, 5000 shares authorized, 1000 issued Common Stock, $1 par, 500,000 shares authorized, 170,000 issued Total paid-in capital ained Earnings al Stockholders' Equity 100000 170000 270000 150000 420000 ...
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