### Educational Content: Recording Transactions for WPAC – TV, Inc.**Charter Overview:**WPAC – TV, Inc. is authorized to issue:- 100,000 shares of $4, no-par preferred stock- 500,000 shares of common stock with $1 par value**Transaction Details:**During its startup phase, WPAC – TV completed the following transactions:**September 6:**- Issued 225 shares of common stock to the promoters who organized the corporation, receiving cash of $6,750.#### 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.)***Journal Entry Format:**| Date | Accounts and Explanation | Debit | Credit ||---------|----------------------------------------------------|--------|--------|| Sep. 6 | | | || | | | || | | | |**More Information:**- **September 12:** Issued 450 shares of preferred stock for cash of $21,000.- **September 14:** Issued 1,900 shares of common stock in exchange for land with a market value of $22,000.**Assumption:**- Assume WPAC – TV, Inc. had a net income of $32,000 for the month.#### Requirements:1. **Record the transactions in the general journal.**2. **Prepare the stockholders' equity section of the WPAC – TV balance sheet as of September 30, 2024, assuming WPAC – TV, Inc. had net income of $32,000 for the month.***Print and Done options available for submission.*This exercise educates students on how to record initial stock issuance, emphasizing the preparation of journal entries and understanding the changes in stockholders' equity.

Share: It implies to a unit of company's equity that is owned by the shareholder. Shareholder is…

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: i (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 More info Sep. 6 Sep. 12 Sep. 14 Issued 225 shares of common stock to the promoters who organized the corporation, receiving cash of $6,750. Issued 450 shares of preferred stock for cash of $21,000. Issued 1,900 shares of common stock in exchange for land with a market value $22.000. Assume WPAC-TV, Inc. had net income of $32,000 for the month. Print Done X

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: i (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 More info Sep. 6 Sep. 12 Sep. 14 Issued 225 shares of common stock to the promoters who organized the corporation, receiving cash of $6,750. Issued 450 shares of preferred stock for cash of $21,000. Issued 1,900 shares of common stock in exchange for land with a market value $22.000. Assume WPAC-TV, Inc. had net income of $32,000 for the month. Print Done X

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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