Question
Bramble Ltd., a private company, began operations on March 12 by issuing 4,600 common shares for $25 cash per share. On September 10, the company
Bramble Ltd., a private company, began operations on March 12 by issuing 4,600 common shares for $25 cash per share. On September 10, the company issued 460 common shares in exchange for equipment with an appraised value of $10,990. Assuming the company uses ASPE, prepare a journal entry to record the September 10 transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Sep. 10 | enter an account title to record issuance of shares on September 10 | enter a debit amount | enter a credit amount |
enter an account title to record issuance of shares on September 10 | enter a debit amount | enter a credit amount | |
(To record issuance of shares.) |
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