Preston sporting goods is authorized to issue 14000 shares


Assignment

Preston Sporting Goods is authorized to issue 14,000 shares of common stock. During a two-month period, Preston completed these stock-issuance transactions: Requirements

1. Journalize the transactions.
2. Prepare the stockholders' equity section of Preston.

Sporting Goods' balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $ 48,000

1. Journalize the transactions.Begin by journalize the transaction on May

(Record debits first, then credits 23 Issued 1,000 shares of $3.50 par common stock for cash of $16.00 per share.

June 12 Received inventory with a market value of $18,000 and equipment with market value of $38,000 for 3,500 shares of the $3.50 par common stock.

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Accounting Basics: Preston sporting goods is authorized to issue 14000 shares
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