Questions:1. Record the transactions in the general journal.2. Prepare the stockholder's equity section of...Questions:1....

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Accounting

Questions:
1. Record the transactions in the general journal.
2. Prepare the stockholder's equity section of D-Cell's balancesheet at October 31, 2018. Assume D-Cell's net income for the monthwas $87,000.
D-Cell Wireless needed additional capital to expand, so thebusiness incorporated. The charter from the state of Georgiaauthorizes D-Cell to issue 110,000 shares of 6%, $50 par valuecumulative preferred stock and 100,000 shares of $2 par valuecommon stock. During the first month, D-Cell completed thefollowing transactions:

Oct. 2 - Issued 25,000 shares of common stock for a building with amarket value of $110,000
Oct. 6 - Issued 800 shares of preferred stock for $110 pershare.
Oct. 9 - Issued 18,000 shares of common stock for cash of$72,000
Oct. 10 - Declared a $21,000 cash dividend for stockholders ofrecord on
Oct. 20. Use separate dividends payable account for preferred andcommon stock.
Oct. 25 - Paid the cash dividend

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Solution 1 Journal Entries DCell Wireless Date Particulars Debit Credit 2Oct Building Dr 11000000 To Common Stock 250002 5000000 To Paid in capital in excess of par common stock 6000000 To record issue of shares for purchase of building 6Oct Cash Dr 800110 8800000 To See Answer

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In: AccountingQuestions:1. Record the transactions in the general journal.2. Prepare the stockholder's equity section of...Questions:1. Record the transactions in the general journal.2. Prepare the stockholder's equity section of D-Cell's balancesheet at October 31, 2018. Assume D-Cell's net income for the monthwas $87,000.D-Cell Wireless needed additional capital to expand, so thebusiness incorporated. The charter from the state of Georgiaauthorizes D-Cell to issue 110,000 shares of 6%, $50 par valuecumulative preferred stock and 100,000 shares of $2 par valuecommon stock. During the first month, D-Cell completed thefollowing transactions:Oct. 2 - Issued 25,000 shares of common stock for a building with amarket value of $110,000Oct. 6 - Issued 800 shares of preferred stock for $110 pershare.Oct. 9 - Issued 18,000 shares of common stock for cash of$72,000Oct. 10 - Declared a $21,000 cash dividend for stockholders ofrecord onOct. 20. Use separate dividends payable account for preferred andcommon stock.Oct. 25 - Paid the cash dividend