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uar 23 1 Record the transactions in the general joumal Apr. 12
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Solution: Naming convention is not available, can be slightly different 1) ournal Entries Account title and explaination (270*19) Debit Credit $ 5,130 Date Mar.23 Cash Common stock Paid in capital in excess of par - Common stock(plug) To record the issuance of common stock for cash) $ 270 $ 4,860 $24,000 $18,000 Apr.12Inventory Equipment Common stock Paid in capital in excess of par - Common stock(plug) To record the issuance of common stock for assets) $ 310 $41,690 (310*1) Apr.17 Cash (1000 40) 40,000 Preferred Stock 40,000 To record the issuance of Preferred stock for cash) 2) Format is not available, can be slightly different: Balance sheet- Partial Stockholders Equity: Preferred Stock, par value $40, 1000 authorized, issued and outstanding Common stock, $1 par value, 1500 authorized, 580 issued and o/s Capital stock Paid in capital in excess of par - common stock Total Paid in capital Retained Earning Total Stockholders Equity $ 40,000 $ 580 $ 40,580 46,550 $ 87,130 $ 76,000 163130

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