Zone Stores is authorized to issue 16,000 shares of common stock. During a two-month period, Zone...

 

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Zone Stores is authorized to issue 16,000 shares of common stock. During a two-month period, Zone completed these stock transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the transactions. Begin by journalize the transaction on February 23. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Feb 23 Cash Common Stock Journal Entry Accounts Paid-in Capital in Excess of Par - Common Next, journalize the transaction on March 12. Debit Credit 15,600 1,800 13,800 Data table Feb Mar 23 Issued 1,200 shares of $1.50 par common stock for cash of $13.00 per share. 12 Received inventory with a market value of $18,000 and equipment with market value of $39,000 for 3,200 shares of the $1.50 par common stock. Date Mar 12 Inventory Equipment Common Stock Journal Entry Accounts Debit Credit 18,000 39,000 4,800 52,200 Paid-in Capital in Excess of Par - Common. Requirement 2. Prepare the stockholders' equity section of Zone's balance sheet for the transactions. The company's Retained Earnings account has a balance of $44,000. ( Balance Sheet (Partial) Stockholders' Equity: Common stock. 1.50 par, 16000 shares authorized, 4400 shares issued and outstanding. Paid-in capital in excess of par-common. Total paid-in capital Retained earnings Total stockholders' equity 17400 52200 69600 44000 113600 Print Done Requirements - X 1. Journalize the transactions. 2. Prepare the stockholders' equity section of Zone's balance sheet for the transactions. The company's Retained Earings account has a balance of $44,000. Print Done X Zone Stores is authorized to issue 16,000 shares of common stock. During a two-month period, Zone completed these stock transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the transactions. Begin by journalize the transaction on February 23. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Feb 23 Cash Common Stock Journal Entry Accounts Paid-in Capital in Excess of Par - Common Next, journalize the transaction on March 12. Debit Credit 15,600 1,800 13,800 Data table Feb Mar 23 Issued 1,200 shares of $1.50 par common stock for cash of $13.00 per share. 12 Received inventory with a market value of $18,000 and equipment with market value of $39,000 for 3,200 shares of the $1.50 par common stock. Date Mar 12 Inventory Equipment Common Stock Journal Entry Accounts Debit Credit 18,000 39,000 4,800 52,200 Paid-in Capital in Excess of Par - Common. Requirement 2. Prepare the stockholders' equity section of Zone's balance sheet for the transactions. The company's Retained Earnings account has a balance of $44,000. ( Balance Sheet (Partial) Stockholders' Equity: Common stock. 1.50 par, 16000 shares authorized, 4400 shares issued and outstanding. Paid-in capital in excess of par-common. Total paid-in capital Retained earnings Total stockholders' equity 17400 52200 69600 44000 113600 Print Done Requirements - X 1. Journalize the transactions. 2. Prepare the stockholders' equity section of Zone's balance sheet for the transactions. The company's Retained Earings account has a balance of $44,000. Print Done X

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Zone Stores is authorized to issue 16000 shares of common stock During a twomonth period Zone completed these stock transactions Click the icon to vie... View the full answer