On June 1, Sage Hill Inc. Issues 2.500 shares of no-par common stock at a cash price of $7 per share. Prepare a tabular summary to record the issuance of the shares. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount en Liabilities Stockholders' Equity June 1 $ Assets Cash Paid-in-Capital Common Stock Revenue Expense Retained Earnings Dividend

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On June 1, Sage Hill Inc. issues 2,500 shares of no-par common stock at a cash price of $7 per share.
Prepare a tabular summary to record the issuance of the shares. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
June 1
Assets
Cash
Liabilities
Paid-in-Capital
Common Stock
Revenue
Stockholders' Equity
Expense
Retained Earnings
Dividend
Transcribed Image Text:On June 1, Sage Hill Inc. issues 2,500 shares of no-par common stock at a cash price of $7 per share. Prepare a tabular summary to record the issuance of the shares. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) June 1 Assets Cash Liabilities Paid-in-Capital Common Stock Revenue Stockholders' Equity Expense Retained Earnings Dividend
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