Oct. 2 Issued 24,000 shares of common stock for a building with a market value of $130,000. Oct. 6 Issued 550 shares of preferred stock for $160 per share. Issued 18,000 shares of common stock for cash of $90,000. Declared a $21,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Oct. 9 Oct. 10 Oct. 25 Paid the cash dividend. Assume B- Mobile's net income for the month was $92,000.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Oct. 2
Issued 24,000 shares of common stock for a building with a market value of $130,000.
Oct. 6
Issued 550 shares of preferred stock for $160 per share.
Oct. 9
Issued 18,000 shares of common stock for cash of $90,000.
Declared a $21,000 cash dividend for stockholders of record on Oct. 20. Use a separate
Dividends Payable account for preferred and common stock
Oct. 10
Oct. 25
Paid the cash dividend.
Assume B- Mobile's net income for the month was $92,000.
Transcribed Image Text:Oct. 2 Issued 24,000 shares of common stock for a building with a market value of $130,000. Oct. 6 Issued 550 shares of preferred stock for $160 per share. Oct. 9 Issued 18,000 shares of common stock for cash of $90,000. Declared a $21,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock Oct. 10 Oct. 25 Paid the cash dividend. Assume B- Mobile's net income for the month was $92,000.
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