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May May Date May Date May 9: Issued 11,000 shares of common stock to Jenny Stike and 18,000 shares to Daniella Dunn in retum for cash equal to the stock's market value of $30 per share. The two women were partners in Dunn Rafts, Co. Journal Entry Accounts May 26: Issued 900 shares of common stock for $21 cash per share. Journal Entry Date 20 Stockholders' Equity Journal Entry shares Accounts Total paid in capital Total stockholders' equity Accounts Debit shares par, Debit Credit Debit Credit Credit Requirements 1. Record the transactions in the journal 2. Prepare the stockholders' equity section of the Dunn Rafts, Inc., balance sheet at May 31, 2022. The ending balance of Retained Camings is $90,000 Print Requirement 2. Prepare the stockholders' equity section of the Dunn Rafts, Inc., balance sheet at May 31, 2022. The ending balance of Retained Camings is $90,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet) Dunn Rafts, Inc. Balance Sheet (partial) May 31, 2022 Done More info May 6 May 9 May 26 Issued 800 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $20,000. Debit Organization Expense Issued 11,000 shares of common stock to Jenny Stike and 18,000 shares to Daniella Dunn in retum for cash equal to the stock's market value of $30 per share. The two women were partners in Dunn Rafts Co Issued 900 shares of common stock for $21 cash per share Print Done X

May May Date May Date May 9: Issued 11,000 shares of common stock to Jenny Stike and 18,000 shares to Daniella Dunn in retum for cash equal to the stock's market value of $30 per share. The two women were partners in Dunn Rafts, Co. Journal Entry Accounts May 26: Issued 900 shares of common stock for $21 cash per share. Journal Entry Date 20 Stockholders' Equity Journal Entry shares Accounts Total paid in capital Total stockholders' equity Accounts Debit shares par, Debit Credit Debit Credit Credit Requirements 1. Record the transactions in the journal 2. Prepare the stockholders' equity section of the Dunn Rafts, Inc., balance sheet at May 31, 2022. The ending balance of Retained Camings is $90,000 Print Requirement 2. Prepare the stockholders' equity section of the Dunn Rafts, Inc., balance sheet at May 31, 2022. The ending balance of Retained Camings is $90,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet) Dunn Rafts, Inc. Balance Sheet (partial) May 31, 2022 Done More info May 6 May 9 May 26 Issued 800 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $20,000. Debit Organization Expense Issued 11,000 shares of common stock to Jenny Stike and 18,000 shares to Daniella Dunn in retum for cash equal to the stock's market value of $30 per share. The two women were partners in Dunn Rafts Co Issued 900 shares of common stock for $21 cash per share Print Done X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The partners who own Dun Rafts inc

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The partners who own Dunn Rafts Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Dunn Rafts, Inc. The charter from the state of Nevada authorizes the corporation to issue 160,000 shares of $20 par common stock. In its first month, Dunn Rafts, Inc., completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Exclude explanations from any journal entries.) May 6: Issued 800 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $20,000. Debit Organization Expense. May May Date May Date 6 May 9: Issued 11,000 shares of common stock to Jenny Stike and 18,000 shares to Daniella Dunn in return for cash equal to the stock's market value of $30 per share. The two women were partners in Dunn Rafts, Co. Journal Entry Accounts Date 9 May 26: Issued 900 shares of common stock for $21 cash per share. Journal Entry 26 Stockholders' Equity: Journal Entry Accounta shares Total paid-in capital Total stockholders' equity Accounts Debit shares par, Debit Credit Debit Credit Credit Requirements CALE 1. Record the transactions in the journal. 2. Prepare the stockholders' equity section of the Dunn Rafts, Inc., balance sheet at May 31, 2022. The ending balance of Retained Earnings is $90,000. Print Done Requirement 2. Prepare the stockholders' equity section of the Dunn Rafts, Inc., balance sheet at May 31, 2022. The ending balance of Retained Earnings is $90,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Dunn Rafts, Inc. Balance Sheet (partial) May 31, 2022 X More info May 6 May 9 May 26 Issued 800 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $20,000. Debit Organization Expense. Issued 11,000 shares of common stock to Jenny Stike and 18,000 shares to Daniella Dunn in return for cash equal to the stock's market value of $30 per share. The two women were partners in Dunn Rafts Co. Issued 900 shares of common stock for $21 cash per share. Print - X Done
Transcribed Image Text:The partners who own Dunn Rafts Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Dunn Rafts, Inc. The charter from the state of Nevada authorizes the corporation to issue 160,000 shares of $20 par common stock. In its first month, Dunn Rafts, Inc., completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Exclude explanations from any journal entries.) May 6: Issued 800 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $20,000. Debit Organization Expense. May May Date May Date 6 May 9: Issued 11,000 shares of common stock to Jenny Stike and 18,000 shares to Daniella Dunn in return for cash equal to the stock's market value of $30 per share. The two women were partners in Dunn Rafts, Co. Journal Entry Accounts Date 9 May 26: Issued 900 shares of common stock for $21 cash per share. Journal Entry 26 Stockholders' Equity: Journal Entry Accounta shares Total paid-in capital Total stockholders' equity Accounts Debit shares par, Debit Credit Debit Credit Credit Requirements CALE 1. Record the transactions in the journal. 2. Prepare the stockholders' equity section of the Dunn Rafts, Inc., balance sheet at May 31, 2022. The ending balance of Retained Earnings is $90,000. Print Done Requirement 2. Prepare the stockholders' equity section of the Dunn Rafts, Inc., balance sheet at May 31, 2022. The ending balance of Retained Earnings is $90,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Dunn Rafts, Inc. Balance Sheet (partial) May 31, 2022 X More info May 6 May 9 May 26 Issued 800 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $20,000. Debit Organization Expense. Issued 11,000 shares of common stock to Jenny Stike and 18,000 shares to Daniella Dunn in return for cash equal to the stock's market value of $30 per share. The two women were partners in Dunn Rafts Co. Issued 900 shares of common stock for $21 cash per share. Print - X Done
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