artnership of Nuan Yeung and Jen Wu needed additional capital to expand into new markets, so the business incorporal 1 Services Inc. The articles of incorporation under the Canada Business Corporations Act authorize A-1 Services Inc. to 650,000 $3.25 preferred shares and 2,400,000 common shares. In its first year, A-1 Services Inc. completed the followir -related transactions: Click the icon to view the transactions.) * Transactions .X inc 2020 Aug. 2 Paid incorporation fees of $9,500 and paid legal fees of $18,500 to organize as a corporation 2 Issued 24,000 common shares to Yeung and 29,000 commons shares to Wu in return for cash Yeung paid $180,000 cash, and Wu paid $217,500 cash Dec 10 Issued 1,200 preferred shares to acquire a computer system with a market value of $112,800. 16 Issued 18,000 common shares for cash of $288,000, Print Done st 2. Issued 24,000 common shares to Yeung and 29,000 common shares to Wu in return for cash Yeung pald 4 of 27 (21 complete) nti The partnership of Nusan Young and Jon Wu needed additional capital to expand into two so the business incorporated A1 Services Inc. The articles of incorporation under the CC Act 1 Services to 650 000 $325 pretened shares and 2,400,000 common shares in its first you At Service completed the wine sharestated transactions Click the icon to view the transactions.) Nequired 1. Record the transactions in the general journal 2. Prepare the shareholders' equity section of the A- 1 Services inc. balance sheet at December 31, 200 The conce in Retained Earnings is $210,000 Requirement 1. Record the transactions in the general journal August 2. Pakt incorporation des of 59,500 and paiet bepal fons of 518,500 to organe as a pioneco debits turst, then credits. Exclude explanations from joumal entries.) Joumal Entry Accounts Debit Credit ALIO les August 2 issued 24.000 common shares to young and 29,000 common stures to Winehun cash Choose from any list or enter any number in the input fields and then continue to the best question Requirement 1. Record the transactions in the general Journal August 2. Paid incorporation forms of 50,500 and paid legal fee of 518 500 to organize as a corporation (Record debits first, then credits. Exclude explanations from journal entries Jounal Ey Date Accounts Dobit Credit Aug 2 August 2. Issued 24,000 common shares to Young and 29.000 common shares to Wu in return for can Young paid $180,000 cash and Wupad 5217.500 Jounal Entry Date Accounts Debit Credit 2 Aug December 10 issued 1 200 preferred shares lo acquire a computer system with a market value of T12,800 Journal Entry Date Accounts Debit Credit Dec 10 December 16, Issued 18,000 common shares for cash of $288.000 Journal Entry Date Accounts Dec 10 Dobil Credit Requirement 2. Prepare the shareholders' equity section of the A 1 Services inc balance sheet at December 31, 2020 The ending balance in Retained in 210.000 A-1 Services Inc Balance Sheet portal December 31, 2020 Shareholders Equity Contributed Capital Tot shareholdus quity
