The Kingston Company reported the following on its balance sheet at December 31, 2014: Common Shares, 500,000

Question:

The Kingston Company reported the following on its balance sheet at December 31, 2014:

Common Shares, 500,000 shares authorized,

350,000 shares issued and outstanding ......$ 473,000

Retained Earnings ...............2,500,000

Assume Kingston Company issued all of its shares during 2014. Journalize the company’s issuance of the shares for cash.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...