shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Incorporated: 1. Issued 24,000 shares of common stock for $14 per share. 2. Issued 14,000 shares of the class A preferred stock for $30 per share. 3. Issued 48,000 shares of common stock for $17 per share. Required a. Prepare general journal entries for these transactions. b. Prepare the stockholders' equity section of the balance sheet immediately after these transactions. Complete this question by entering your answers in the tabs below. Required A Required B Prepare general journal entries for these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B C Issued 24,000 shares of common stock for $14 per share. Record the transaction. Note: Enter debits before credits. Event General Journal Debit Credit

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...
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shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock
transactions pertain to Eastport Incorporated:
1. Issued 24,000 shares of common stock for $14 per share.
2. Issued 14,000 shares of the class A preferred stock for $30 per share.
3. Issued 48,000 shares of common stock for $17 per share.
Required
a. Prepare general journal entries for these transactions.
b. Prepare the stockholders' equity section of the balance sheet immediately after these transactions.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Prepare general journal entries for these transactions. (If no entry is required for a transaction/event, select "No journal entry required"
in the first account field.)
View transaction list
Journal entry worksheet
A
B C
Issued 24,000 shares of common stock for $14 per share. Record the
transaction.
Note: Enter debits before credits.
Event
General Journal
Debit
Credit
Transcribed Image Text:shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Incorporated: 1. Issued 24,000 shares of common stock for $14 per share. 2. Issued 14,000 shares of the class A preferred stock for $30 per share. 3. Issued 48,000 shares of common stock for $17 per share. Required a. Prepare general journal entries for these transactions. b. Prepare the stockholders' equity section of the balance sheet immediately after these transactions. Complete this question by entering your answers in the tabs below. Required A Required B Prepare general journal entries for these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B C Issued 24,000 shares of common stock for $14 per share. Record the transaction. Note: Enter debits before credits. Event General Journal Debit Credit
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