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"url": "\/study-help\/questions\/earth-star-diamonds-inc-began-a-potentially-lucrative-mining-operation-1813483",
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"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",
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"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": "",
"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",
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"title": "Survey of Accounting",
"isbn": "978-113318912, 1133189121, 978-1133189121",
"edition": "6th edition",
"authors": "Carl S Warren",
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"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"
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