On Sept. 1, Paddington, Incorporated, issued 1,000 shares of $10 stated value common stock for cash of $10 pershare.Complete the necessary journal entry by selecting the account names from the drop-down menus and entering thedollar amounts in the debit or credit columns.View transaction listJournal entry worksheet1On Sept. 1, Paddington, Inc., issued 1,000 shares of $10 stated value commonstock for cash of $10 per share.Note: Enter debits before credits.DateSept. 1General JournalDebitCredit

Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Answered: On Sept. 1, Paddington, Incorporated,…

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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Hi, I need help assembling the following two journal entries. Thanks!
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The charter for WPAC-TV, Inc. authorizes the company to issue 100,000 shares of $4, no-par preferred stock and 500,000 shares of common stock with $1 par value. During its start-up phase, WPAC - TV completed the following transactions: (Click on the icon to view the transactions) Read the requirements. Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Sep. 6: Issued 225 shares of common stock to the promoters who organized the corporation, receiving cash of $6,750. Date Accounts and Explanation Debit Credit Sep. 6 Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the WPAC - TV balance sheet at September 30, 2024, assuming WPAC-TV, Inc. had net income of $32,000 for the month. Print Done C X More info Issued 225 shares of common stock to the promoters who organized the corporation, receiving cash of $6,750.…
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On Sept. 1, Paddington, Incorporated, issued 1,000 shares of $10 stated value common stock for cash of $10 per share. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.