Munsters Inc. issued all its shares during 2017 and reported the following on its balance sheet at

Question:

Munsters Inc. issued all its shares during 2017 and reported the following on its at December 31, 2017:
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 on July 3.
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...