The partners who own Ameen Rafts Co. wished to avoid the unlimited personal liability of the...

 

 

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The partners who own Ameen Rafts Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated 180,000 shares of $4 par common stock. In its first month, Ameen Rafts, Inc., completed the following transactions: 1(Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the joumal. (Record debits first, then credits. Exclude explanations from any journal entries.) Jan 6: Issued 300 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $6,000. Journal Entry Date Accounts Debit Credit Jan Jan 9: Issued 11,000 shares of common stock to Jenny Stike and 12,000 shares to Amy Ameen in retum for cash equal to the stock's market val Journal Entry Date Accounts Debit Credit Jan Issued 300 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $6,000. Debit Organization Expense. Issued 11,000 shares of common stock to Jenny Stike and 12,000 shares to Amy Ameen in return for cash equal to the stock's market value of $23 per share. The two women were partners in Ameen Rafts Co. Issued 600 shares of common stock for $27 cash per share. Jan 6 Jan 9 Jan 26 Jan 26: Issued 600 shares of common stock for $27 cash per share. Journal Entry Date Accounts Debit Credit Jan 26 Requirement 2. Prepare the stockholders' equity section of the Ameen Rafts, Inc., balance sheet at January 31, 2022. The ending balance of Re section of the balance sheet.) Ameen Rafts, Inc. Balance Sheet (partial) January 31, 2022 Stockholders' Equity: par, shares shares Total paid-in capital Total stockholders' equity The partners who own Ameen Rafts Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated 180,000 shares of $4 par common stock. In its first month, Ameen Rafts, Inc., completed the following transactions: 1(Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the joumal. (Record debits first, then credits. Exclude explanations from any journal entries.) Jan 6: Issued 300 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $6,000. Journal Entry Date Accounts Debit Credit Jan Jan 9: Issued 11,000 shares of common stock to Jenny Stike and 12,000 shares to Amy Ameen in retum for cash equal to the stock's market val Journal Entry Date Accounts Debit Credit Jan Issued 300 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $6,000. Debit Organization Expense. Issued 11,000 shares of common stock to Jenny Stike and 12,000 shares to Amy Ameen in return for cash equal to the stock's market value of $23 per share. The two women were partners in Ameen Rafts Co. Issued 600 shares of common stock for $27 cash per share. Jan 6 Jan 9 Jan 26 Jan 26: Issued 600 shares of common stock for $27 cash per share. Journal Entry Date Accounts Debit Credit Jan 26 Requirement 2. Prepare the stockholders' equity section of the Ameen Rafts, Inc., balance sheet at January 31, 2022. The ending balance of Re section of the balance sheet.) Ameen Rafts, Inc. Balance Sheet (partial) January 31, 2022 Stockholders' Equity: par, shares shares Total paid-in capital Total stockholders' equity

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Date Journal entry Debit Credit Jan 6 Organization expense Common s... View the full answer