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Home Q & A Board Other Fields Homework Help Business Accounting
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Harrison Harrison
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6 years ago
On June 30, 2014, Sneeze Limited was authorized to issue 60,000 shares of $5 cumulative preferred shares and 250,000 shares of common shares. During its start-up phase, the company engaged in several transactions.
Prepare journal entries for the following transactions:

June   30   Sold 40,000 shares of preferred shares at $110 per share.
   30   Sold 50,000 shares of common shares at $30 per share.
July   5   Issued 5,000 shares of common shares in exchange for equipment valued objectively at $165,000.
Textbook 
Financial Accounting, Canadian Edition

Financial Accounting, Canadian Edition


Edition: 5th
Authors:
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Replies
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#1
6 years ago
June 30    Cash   4,400,000
      Preferred shares         4,400,000
         ($110 × 40,000)

   30   Cash    1,500,000
      Common shares         1,500,000
         ($30 × 50,000)

July 5    Equipment   165,000
      Common shares         165,000
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