Question 2 Q:13

D - Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes D - Mobile to issue 40,000 shares of 10%,$50 par value cumulative preferred stock and 160,000 shares of $3 par value common stock. During the first month, D - Mobile completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 17,000 shares of common stock for a building with a market value of $100,000. Oct. 6: Issued 650 shares of preferred stock for $150 per share. Oct. 9: Issued 16,000 shares of common stock for cash of $96,000. Oct. 10: Declared a $14,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Pay and common stock. Oct. 25: Paid the cash dividend. Requirement 2. Prepare the stockholders' equity section of D-Mobile's balance sheet at October 31,2024 . Assume D - Mobile's net income for the month was $96,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) More info Oct. 2 Issued 17,000 shares of common stock for a building with a market value of $100,000. Oct. 6 Issued 650 shares of preferred stock for $150 per share. Oct. 9 Issued 16,000 shares of common stock for cash of $96,000. Oct. 10 Declared a $14,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Oct. 25 Paid the cash dividend. Assume D - Mobile's net income for the month was $96,000. Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of D-Mobile's balance sheet at October 31, 2024. Assume D - Mobile's net income for the month was $96,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.)