Sep. 6Issued 500 shares of common stock to the promoters who organized the corporation, receiving cash of $15,000.Sep. 12Issued 700 shares of preferred stock for cash of $29,000.Sep. 14Issued 1,400 shares of common stock in exchange for land with a market value of $23,000. AssumeKVIP−TV,Inc. had net income of$31,000for the month.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: Issued500shares of common stock to the promoters who organized the corporation, receiving cash of$15,000. DateAccounts and ExplanationDebitCreditSep. 6 Part 2Sep.12: Issued700shares of preferred stock for cash of$29,000. DateAccounts and ExplanationDebitCreditSep. 12 Part 3Sep.14: Issued1,400shares of common stock in exchange for land with a market value of$23,000. DateAccounts and ExplanationDebitCreditSep. 14 Part 4Requirement 2. Prepare the stockholders' equity section of theKVIP−TVbalance sheet atSeptember30,2024,assumingKVIP−TV,Inc. had net income of$31,000for the month. KVIP-TV, Inc.Balance Sheet (Partial)September 30, 2024Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity

The journal entries are prepared to keep the record of day to day transactions of the business on…

Answered: Sep. 6 Issued 500 shares of common…

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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Sep. 6	Issued 500 shares of common stock to the promoters who organized the corporation, receiving cash of $15,000.
Sep. 12	Issued 700 shares of preferred stock for cash of $29,000.
Sep. 14	Issued 1,400 shares of common stock in exchange for land with a market value of $23,000.

Part 2

Sep.

12: Issued

700

shares of preferred stock for cash of

$29,000.

Date	Accounts and Explanation	Debit	Credit
Sep. 12

Part 3

Sep.

14: Issued

1,400

shares of common stock in exchange for land with a market value of

$23,000.

Date	Accounts and Explanation	Debit	Credit
Sep. 14

Part 4

Requirement 2. Prepare the stockholders' equity section of the

KVIP−TV

balance sheet at

September

30,

2024,

assuming

KVIP−TV,

Inc. had net income of

$31,000

for the month.

KVIP-TV, Inc.

Balance Sheet (Partial)

September 30, 2024

Stockholders' Equity
	Paid-In Capital:





	Total Paid-In Capital

	Total Stockholders' Equity

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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