Bradley Sporting Goods is authorized to issue 13,000 shares of common stock. During a two-month period, Bradley completed these stock-issuance transactions:
Jul 23 Issued 2,500 shares of $6.00 par common stock for cash of $14.50 per share.
Aug 12 Received inventory with a market value of $16,000 and equipment with a market value of $42,000 for 3,300 shares of the $6.00 par common stock.

Requirements
1. Journalize the transactions.
2. Prepare the stockholders’ equity section of Bradley Sporting Goods’ balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $51,600.

Answer rating: 100% (QA)

1 Journal Entry Bradley Sporting Date Account Tittle Debit Credit 23Jul Cash 25001450 3625000 Comm... View the full answer