Answered

Westonci.ca is the premier destination for reliable answers to your questions, provided by a community of experts. Our platform connects you with professionals ready to provide precise answers to all your questions in various areas of expertise. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

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.

Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.