Wireless needed additional capital to? expand, so the businessincorporated. The charter from the state of Georgia authorizes

Upper B minus WirelessB?Wireless

to issue

100 comma 000100,000

shares of

7 %7%?,

?$5050

par value cumulative preferred stock and

100 comma 000100,000

shares of

?$11

par value common stock. During the first? month,

Upper B minus WirelessB?Wireless

completed the following? transactions:

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?(Click the icon to view the? transactions.)Read therequirements

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.

Requirement 1. Record the transactions in the general journal.?(Record debits? first, then credits. Select the explanation on thelast line of the journal entry? table.)

Oct.Oct.

?2: Issued

25 comma 00025,000

shares of common stock for a building with a market value of

$ 100 comma 000$100,000.

Date			Accounts and Explanation	Debit	Credit
Oct. 2			Building	100,000
			Common Stock—$1 Par Value		25,000
			Paid-In Capital in Excess of Par—Common		75,000
			Issued common stock for building.

Oct.Oct.

?6: Issued

850850

shares of preferred stock for

$ 130$130

per share.

Date			Accounts and Explanation	Debit	Credit
Oct. 6			Cash	110,500
			Preferred Stock—$50 Par Value		42,500
			Paid-In Capital in Excess of Par—Preferred		68,000
			Issued preferred stock for cash.

Oct.Oct.

?9: Issued

16 comma 00016,000

shares of common stock for cash of

$ 64 comma 000$64,000.

Date			Accounts and Explanation	Debit	Credit
Oct. 9			Cash	64,000
			Common Stock—$1 Par Value		16,000
			Paid-In Capital in Excess of Par—Common		48,000
			Issued common stock for cash.

Oct.Oct.

?10: Declared a

$ 17 comma 000$17,000

cash dividend for stockholders of record on

Oct.Oct.

20. Use a separate Dividends Payable account for preferred andcommon stock.

Date			Accounts and Explanation	Debit	Credit
Oct. 10			Cash Dividends	17,000
			Dividends Payable—Common		14,025
			Dividends Payable—Preferred		2,975
			Declared cash dividend.

Oct.Oct.

?25: Paid the cash dividend.

Date			Accounts and Explanation	Debit	Credit
Oct. 25			Dividends Payable—Common	14,025
			Dividends Payable—Preferred	2,975
			Cash		17,000
			Paid cash dividend.

Requirement 2. Prepare the? stockholders' equity section of

Upper B minus WirelessB?Wireless?'s

balance sheet at

OctoberOctober

3131?,

20182018.

Assume

Upper B minus WirelessB?Wireless?'s

net income for the month was

$ 88 comma 000$88,000.

?(Assume all temporary accounts have been closed prior topreparing the? stockholders' equity section of the balance?sheet.)

B-Wireless Wireless

Balance Sheet (Partial)

October 31, 2018

Stockholders' Equity
	Paid-In Capital:
	Total Paid-In Capital
	Total Stockholders' Equity