Munsters Inc. issued all its shares during 2014 and reported the following on its balance sheet at
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Common shares
Authorized: 5,000 shares
Issued and outstanding: 3,000 shares...................................$ 2,900
Retained earnings..........................................................49,000
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...
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Related Book For
Accounting
ISBN: 978-0132690089
9th Canadian Edition volume 2
Authors: Charles T. Horngren, Walter T. Harrison Jr., Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
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