! Required information [The following information applies to the questions displayed below.] Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par value. During its first year, the following selected transactions were completed: a. Issued 6,900 shares of common stock for cash at $29 per share. b. Issued 2,900 shares of common stock for cash at $32 per share. Required: 1. Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) a. Cash a. b. b. Assets Liabilities + Common Stock Stockholders' Equity + Additional Paid-In Capital, Common Stock + +
! Required information [The following information applies to the questions displayed below.] Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par value. During its first year, the following selected transactions were completed: a. Issued 6,900 shares of common stock for cash at $29 per share. b. Issued 2,900 shares of common stock for cash at $32 per share. Required: 1. Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) a. Cash a. b. b. Assets Liabilities + Common Stock Stockholders' Equity + Additional Paid-In Capital, Common Stock + +
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...
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