Question

Question Help A-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A-Mobile to issue 80,000 shares of 8 %, $50 par value cumulative preferred stock and 160,000 shares of $4 par value common stock. During the first month, A-Mobile completed the following transactions: (Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Oct. 2: Issued 25,000 shares of common stock for a building with a market value of $210,000 Date Accounts and Explanation Debit Credit Oct. 2 Building 210,000 Common Stock-$4 Par Value 100,000 Paid-In Capital in Excess of Par-Commoni 110,000 Issued common stock for building Oct. 6: Issued 950 shares of preferred stock for $110 per share Debit Credit Date Accounts and Explanation Oct. 6 Choose from any list or enter any number in the input fields and then click Check Answer Check Answer Clear All 4 parts remaining

Answer 1

| Credit Date Oct. 02 Debit 210,000 100,000 110,000 Oct. 06 104,500 47,500 57,000 Accounts and Explanation Building Common Stock-$4 Par Value (25,000 * $4) Paid-in Capital in Excess of Par-Common Cash (950 * $110) Preferred Stock-$50 Par Value (950 * $50) Paid-in Capital in Excess of Par-Preferred Cash Common Stock-$4 Par Value (17,000 * $4) Paid-in Capital in Excess of Par-Common Retained Earnings Dividends Payable Dividends Payable Cash Oct. 09 85,000 68,000 17,000 Oct. 10 14,000 14,000 Oct. 25 14,000 14,000