Sep. 6 Issued 500 shares of common stock to the promoters who organized the corporation, receiving cash of $15,000. Sep. 12 Issued 700 shares of preferred stock for cash of $29,000. Sep. 14 Issued 1,400 shares of common stock in exchange for land with a market value of $23,000. Assume KVIP−TV, Inc. had net income of $31,000 for the month. 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.)
Sep. 6 Issued 500 shares of common stock to the promoters who organized the corporation, receiving cash of $15,000. Sep. 12 Issued 700 shares of preferred stock for cash of $29,000. Sep. 14 Issued 1,400 shares of common stock in exchange for land with a market value of $23,000. Assume KVIP−TV, Inc. had net income of $31,000 for the month. 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.)
Chapter19: Corporations: Distributions Not In Complete Liquidation
Section: Chapter Questions
Problem 1BCRQ
Related questions
Question
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Sep. 6
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Issued 500 shares of common stock to the promoters who organized the corporation, receiving cash of $15,000.
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Sep. 12
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Issued 700 shares of preferred stock for cash of $29,000.
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Sep. 14
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Issued 1,400 shares of common stock in exchange for land with a market value of $23,000.
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Assume
KVIP−TV,
Inc. had net income of
$31,000
for the month.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.)
Sep.
6: Issued
500
shares of common stock to the promoters who organized the corporation, receiving cash of
$15,000.
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Date
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Accounts and Explanation
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Debit
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Credit
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Sep. 6
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Part 2
Sep.
12: Issued
700
shares of preferred stock for cash of
$29,000.
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Date
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Accounts and Explanation
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Debit
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Credit
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Sep. 12
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Part 3
Sep.
14: Issued
1,400
shares of common stock in exchange for land with a market value of
$23,000.
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Date
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Accounts and Explanation
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Debit
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Credit
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Sep. 14
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Part 4
Requirement 2. Prepare the stockholders' equity section of the
KVIP−TV
balance sheet at
September
30,
2024,
assuming
KVIP−TV,
Inc. had net income of
$31,000
for the month.|
KVIP-TV, Inc.
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Balance Sheet (Partial)
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September 30, 2024
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Stockholders' Equity
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Paid-In Capital:
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Total Paid-In Capital
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Total Stockholders' Equity
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