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The charter for KCAS-TV, Inc., authorizes the company to issue 100,000 shares of $4, no-par preferred stock and 500,000 shares of common stock with $1 par value. Throughout its start-up phase, KCAS completed the given transactions: 

Sept 6: Issued 275 shares of common stock to the promoters who organized the corporation, receiving cash of $8,250. 

12: Issued 400 shares of preferred stock for cash of $20,000. 

14: Issued 1,600 shares of common stock in exchange for land valued at $18,000. 

30: Closed net income of $32,000 into Retained earnings. 

Requirements:

a) Record the transactions in the general journal. 

b) Make the stockholder's equity section of the KCAS-TV balance sheet at September 30, 2012.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920034

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