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During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders equity. The articles of incorporation authorized the
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders equity. The articles of incorporation authorized the issue of 8 million common shares, $1 par per share, and 1 million preferred shares $50 par per share. Feb. 12 Sold 2 million common shares, for $9 per share. 13 Issued 48,888 common shares to attorneys in exchange for legal services 13 Sold 88,000 of its common shares and 4,000 preferred shares for a total of $945,800 Nov. 15 Issued 380,000 of its common shares in exchange for equipment for uhich the cash price was known to be $3,688,e00 Required Prepare the appropriate journal entries to record each transaction. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Journal entry worksheet Sold 2 m Prey7 of 15 E Next >
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