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Benson Inc. was authorized to issue 400,000 $2.00 preferred shares and 700,000 common shares. During April 2014, their first month of operations, the following selected
Benson Inc. was authorized to issue 400,000 $2.00 preferred shares and 700,000 common shares. During April 2014, their first month of operations, the following selected transactions occurred: a. April 3 : Issued 10,000 common shares at $5.00 per share for cash. b. April 8 : 13,000 of the common shares were issued for a total of $39,000 cash. c. April 11: 12,000 preferred shares and 12,000 common shares were issued at $7.00 and $2.00, respectively, cash. d. April 13: Issued 14.000 preferred shares at $6.50 per share for cash. e. April 16: 6,000 of the preferred shares were issued for a total of $12,000 cash f. April 22: Gave the corporation's promoters 9,000 common shares for their services in organizing the corporation. The directors valued the services at S36,000 g. April 24: 13,000 common shares were issued in exchange for land valued at $13,000. 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 format dd/mmm (i.e., January 15 would be 15/Jan). General Journal Account Explanation Page GJE Credit Date +
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