20 minutes

Star Inc. was authorized to issue 400.000 $2.00 preferred shares and 700.000 common shares. During November 2014, their first months of operations, the following selected transactions occurred a November 5 14,000 common shares were issued in exchange for land valued at 550.000 b November 13 14,000 of the common shares were issued for a total of $56.000 cash November 16 Issued 11.000 common shares at 36.00 per share for cash d November 165,000 preferred shares and 7.000 common shares were issued at $3.00 and $1.00, respectively cash e. November 21 Gave the corporation's promoters 14.000 common shares for ther services in organizing the corporation The directors valued the services at $56.000 1 November 27 Issued 13,000 preferred shares at $2.50 per share for cash 9 November 30 5,000 of the preferred shares were issued for a total of $60,000 cash Prepare journal entries for the above transactions Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the ormat dd mmm Le.. January 15 would be 15/Jan) General Journal Account Explanation Page GJS Credit Date F Debit