You will create this assignment following the Assignment Detail instructions below.
Review the tutorial titled How to Submit the Intellipath Submission Assignment.
Please submit your work to this week’s Intellipath Unit Submission lesson. Click the Upload button within the submission lesson to access the submission area. Click the Select File button to upload your document, and then click “OK” to finish.
In the unit 2 assignment, we will record transactions that impact the equity section of the balance sheet. Corporations raise capital by selling stock in the corporation. The stockholders’ equity section contains a common stock account and an additional paid-in capital account. When stock is sold, the common stock account is credited for the par value of the stock sold and the additional paid-in capital is credited for the amount greater than par. Corporations can also issue a class of stock which typically carries unique features. This stock is known as preferred stock. Finally, corporations can declare dividends during the accounting period. Dividends represent payouts of a corporation’s earnings. Dividends are declared by the corporation’s Board of Directors. Dividends can be in various forms including cash, property, liquidating, and stock dividends.
You will provide the journal entry to record issuing of common stock shares by a corporation, record issuing of cumulative preferred stock, and record a declaration of stock split.
The unit 2 project has two parts.
During 2018, Company A has the following transactions involving its common and preferred stock:
Company B began 2018 with a $110,000 balance in retained earnings. The following events occurred during the year:
Please add your file.
Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric.
Please submit your assignment.
If you are planning to repurpose an assignment or submit one you have used before, please let your instructor know. If an instructor is not made aware of work being repurposed or reused, he or she will treat the assignment as a plagiarized task and reserves the right to post an F grade and submit a task for review to administration until proof of originality is provided. Click here for more information.