20 minutes

Question 2 [30 points) United Corporation was authorized to issue an unlimited number of common states. During July 2014, their fest month of operations, the following selected transactions a July 19 Gave the corporation's promoters 7.000 common shares for their services in organizing the corporation. The directors valued the services at 523,800 b. July 24, Issued 14,000 common shares at $5.00 per share for cash July 26 14,000 of the common shares were issued for a total of 560,200 cash: d July 28 12.000 common shares were issued in exchange for land valued at $48,000 July 31: Closed the Income Summary account An income of $55,000 was eamed. a) Prepare journal entries for the above transactions entering the transaction letter as the explanation, and the dates in the format dommm, (e. 15 Jan) General Journal Page GJS Date Account Explanation F Debit Credit + * 1