Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Hao Corporation had the following transactions during the current period. Mar. 2 Issued 20,000 common shares to its legal counsel in payment of a

1. Hao Corporation had the following transactions during the current period.

Mar. 2 Issued 20,000 common shares to its legal counsel in payment of a bill for $28,000 for services performed in helping the company incorporate.
June 12 Issued 40,000 common shares for $415,000 cash.
July 11 Issued 1,000, $3 noncumulative preferred shares at $110 per share cash.
Nov. 28

Issued 2,000, $3 noncumulative preferred shares at $96 per share cash.

Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date

Account Titles and Explanation.

Debit

Credit

Mar. 2June 12July 11Nov. 28

enter an account title to record issuance of shares

enter a debit amount

enter a credit amount

enter an account title to record issuance of shares

enter a debit amount

enter a credit amount

(To record issuance of shares.)

choose a transaction date Mar. 2June 12July 11Nov. 28

enter an account title to record issuance of shares

enter a debit amount

enter a credit amount

enter an account title to record issuance of shares

enter a debit amount

enter a credit amount

(To record issuance of shares.)

choose a transaction date Mar. 2June 12July 11Nov. 28

enter an account title to record issuance of shares

enter a debit amount

enter a credit amount

enter an account title to record issuance of shares

enter a debit amount

enter a credit amount

(To record issuance of shares.)

choose a transaction date Mar. 2June 12July 11Nov. 28

enter an account title to record issuance of shares

enter a debit amount

enter a credit amount

enter an account title to record issuance of shares

enter a debit amount

enter a credit amount

(To record issuance of shares.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting

Authors: Heintz and Parry

20th Edition

1285892070, 538489669, 9781111790301, 978-1285892078, 9780538489669, 1111790302, 978-0538745192

More Books

Students also viewed these Accounting questions