Bike Inc. was incorporated on January 1, 2020 and was authorized under its charter to issue the following shares
125,000 non-cumulative, non-voting 5% perferred shares and an unlimited number of no par-value voting common shares
Requirement: Prepare journal entries for the following transactions:
a. Issued 5,000 preferred shares for $10 cash each on January 3, 2020
b. Issued 1,500 common shares for $8 cash each on January 3, 2020
c. Issued 5,000 preferred shares for $9 cash each on January 14, 2020
d. Issued 1,500 common shares for $7 cash each on August 2, 2020
e. Issued 750 preferred shares for equipment valued at $7,250 on December 20, 2020