Northwest Clothing Supply has the following transactions during the year related to stockholders' equity: January 1 Issues 3,000 shares of no-par value common stock for $22 per share.
March 15 Issues 900 shares of $20 par value preferred stock for $23 per share.
December 1 Declares a cash dividend of $1 per share to all stockholders of record (both common and preferred) on December 15.
December 15 Northwest Clothing Supply has fixed the Record Date for both common and preferred shares as December 15.
December 31 Pays the cash dividend declared on December 1.

Required:
Record each of these transactions.

Landon mars, the company bookkeeper, recorded the $10,000 purchase of land as rent expense by decreasing cash and decreasing shareholders' equity. what is the effect of this error on the accounting equation

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c. prepaidrent. onseptember1ofthecurrentyear, thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

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