Accounting -on March 1 kiss ell corporations began operations

| January 31, 2017

Question
on March 1 kiss ell corporations began operations with a charter from the state that authorized100,000 shares of $4 per value common stock. over the next quarter, the the company engaged in the transaction to follow.

Mar. 1 Issued 30,000 shares of common stock,$200,000.

2 Paid fees associated with obtaining the charter and starting up and organizing the corporation,$24,000.

Apr 10. issued 13,000 shares of common stock, $130,000

15. purchased 5,00 shares of common stock, $50,00

May 31. The board of directors declared a $0.20 per share cash dived to be paid on June 15 to shareholders of record on June 10

REQUIRED

1. Record the above transactions using the T accounts.

2. Prepare the stockholders’ equity section of Kissell’s balance sheet on May 31,2014. Net income earned during the first quarter was $30,000

3. ACCOUNTING CONNECTION: What effect, if any, will the cash dividend declaration on May 31 have on Kissell”sent incomes, refined earnings, cash flows?

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