The articles of incorporation from the province of Ontario authorize Challenger Canoes Inc. to issue 10,000 shares

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The articles of incorporation from the province of Ontario authorize Challenger Canoes Inc. to issue 10,000 shares of \(\$ 6\) preferred shares and 100,000 common shares. In its first month, Challenger completed the following transactions:image text in transcribed

{Requirements}
1. Record the transactions in the journal.
2. Prepare the shareholders' equity section of the Challenger balance sheet at October 31, 2020. The ending balance of Retained Earnings is \(\$ 49,000\).

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Financial Accounting

ISBN: 9780135433065

7th Canadian Edition

Authors: Walter Harrison, Wendy Tietz, C. Thomas, Greg Berberich, Catherine Seguin

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