Question

2.

E10-16A (similar to) Question Help The charter for Zuma, Inc., authorizes the company to issue 450,000 shaços of $10, no-par preferred stock and 850,000 shares of common stock with $7 par value. During its start-up phase, Zuma, Inc. completed the following transaction (Click on the icon to view the transactions) Read the requirements. Requirement 1. Record the transactions in the joumal (Record debits first, then credits. Exclude explanations from any journal entries.) Apr 6: Issued 350 shares of common stock to the promoters who organized the corporation, receiving cash of $11,900, Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer

#3

#4

Answer 1

2.

Date	Account Titles	Debit	Credit
Apr-06	Cash	$        11,900
	Common Stock		$              2,450	=350*7
	Paid in capital in excess of par value - Common Stock		$              9,450	=11900-2450
	(Issue of stock)
Apr-06	Cash	$        22,000
	Preferred Stock		$            22,000
	(Issued preferred stock)
Apr-14	Land	$        19,000
	Common Stock		$            12,600	=1800*7
	Paid in capital in excess of par value - Common Stock		$              6,400	=19000-12600
	(Issue of stock in exchange of land)

Stockholder's Equity
Common Stock, $7 par, 850,000 shares authorised
2150 issued and outstanding	$        15,050
Preferred Stock, no par, 450,000 shares authorised
800 issued and oustanding	$        22,000
Paid in capital in excess of par value - Common Stock	$        15,850
Total Paid in capital	$        52,900
Retained Earnings	$        31,000
Total Stockholder's Equity	$        83,900

As per HOMEWORKLIB RULES we are supposed to answer 1 question, i have, so kindly post other questions separately.