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Fix the incorrect red boxes

Fix The Incorrect Red Boxes class=
Fix The Incorrect Red Boxes class=

Sagot :

Parrain

Based on the given entries, the incorrect red box to be fixed is the Aug 1 entry of $0.

What should the Pain in capital - Common stock account look like?

From the given transactions, the entries in the Paid in Capital in excess of stated value - Common Stock should be:

  • Credit ⇒ Jan. 10 $231,000
  • Credit ⇒ Apr. 1 $9,500
  • Credit ⇒ May. 1 $114,000
  • Credit ⇒ Sep. 1 $42,000
  • Credit ⇒ Dec 31 Bal $396,500

There should be no entry on Aug 1 of $0 because the common stock issued matches the attorney fees of $36,000.

Find out more on excess paid in capital at https://brainly.com/question/25758206.

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