{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-28T02:11:56-04:00", "answer_date": "2024-05-28 02:11:56", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1813483", "url": "\/study-help\/questions\/earth-star-diamonds-inc-began-a-potentially-lucrative-mining-operation-1813483", "question_creation_date_js": "2024-05-28T02:11:56-04:00", "question_creation_date": "May 28, 2024 02:11 AM", "meta_title": "[Solved] Earth Star Diamonds Inc. began a potentia | SolutionInn", "meta_description": "Answer of - Earth Star Diamonds Inc. began a potentially lucrative mining operation on October 1, 2020. It is authorized to issue | SolutionInn", "meta_keywords": "earth,star,diamonds,inc,began,potentially,lucrative,mining,operation,october,1,2020", "question_title_h1": " Earth Star Diamonds Inc. began a potentially lucrative mining operation on October 1, 2020. It is authorized to issue 100,000 shares of $0.60 cumulative", "question_title": " Earth Star Diamonds Inc. began a potentially lucrative mining operation on", "question_title_for_js_snippet": "Earth Star Diamonds Inc began a potentially lucrative mining operation on October 1, 2020 It is authorized to issue 100,000 shares of $0 60 cumulative preferred shares and 500,000 common shares The company uses the cash dividends account to keep track of all dividends declared Part A Required Prepare journal entries for each of the transactions listed Oct 1 Issued for cash, 1,000 shares of the preferred shares at $4 50 each 10 Issued for cash, 47,000 shares of the common stock at $3 30 per share 15 Earth star purchased land for $183,000, paying cash of $64,500 and borrowing the balance from the bank (to be repaid in two years) 20 13,500 preferred shares were issued today for total cash proceeds of $75,735 24 In addition to the declaration of the annual dividend on the preferred shares, dividends of $26, 850 were declared on the common shares today, payable November 15, 2020 31 Revenues of $870,000 were earned during the month all cash Expenses, all cash, totalling $285,000 were incurred in October Close the Income Summary and dividend accounts View transaction list", "question_description": "\"image\"image", "transcribed_text": "Earth Star Diamonds Inc. began a potentially lucrative mining operation on October 1, 2020. It is authorized to issue 100,000 shares of $0.60 cumulative preferred shares and 500,000 common shares. The company uses the cash dividends account to keep track of all dividends declared. Part A Required: Prepare journal entries for each of the transactions listed. Oct. 1 Issued for cash, 1,000 shares of the preferred shares at $4.50 each. 10 Issued for cash, 47,000 shares of the common stock at $3.30 per share. 15 Earth star purchased land for $183,000, paying cash of $64,500 and borrowing the balance from the bank (to be repaid in two years). 20 13,500 preferred shares were issued today for total cash proceeds of $75,735. 24 In addition to the declaration of the annual dividend on the preferred. shares, dividends of $26, 850 were declared on the common shares today, payable November 15, 2020. 31 Revenues of $870,000 were earned during the month; all cash. Expenses, all cash, totalling $285,000 were incurred in October. Close the Income Summary and dividend accounts. View transaction list", "related_book": { "title": "Survey of Accounting", "isbn": "978-113318912, 1133189121, 978-1133189121", "edition": "6th edition", "authors": "Carl S Warren", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/275.jpg", "uri": "\/textbooks\/survey-of-accounting-6th-edition-275", "see_more_uri": "" }, "free_related_book": { "isbn": "0385419112", "uri": "\/textbooks\/the-female-advantage-women-s-ways-of-leadership-1st-edition-978-0385419116-185515", "name": "The Female Advantage Women S Ways Of Leadership", "edition": "1st Edition" }, "question_posted": "2024-05-28 02:11:56", "see_more_questions_link": "\/study-help\/questions\/business-management-leadership-2023-June-05", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/manufacturer-claims-the-average-tensile-strength-of", "description": "A manufacturer claims that the average tensile strength of thread A exceeds the average tensile strength of thread B by at least 12 kilograms. 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