Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help Save & During its first year of operations. Eastern Data Links Corporation entered into the following transactions relating to shareholders equity. The articles of

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Help Save & 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 7 m on common shares. Si par per share and 3 m on preferred shares $50 par per share Feb. 12 Sold 2 million can shares for per share 13 Issued 42.000 con shares to attorneys in exchange for legal services 13 Sold 32.000 of its common shares and 3.000 preferred shares for a total of $10,000 NOV. 15 Issued 355.000 of its shares in charge for at for which the cash price was to be $3.728.000 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 feld. Enter your answers in whole dollars.) View transaction ist Journal entry worksheet Sold 2 million common shares for so por share. Date General Journal Debit Crede Help Seve During its first year of operations, Eastem Data Links Corporation entered into the following transactions relating to shareholders equity. The articles of incorporation authorized the issue of 7 million common shares, Spar per share, and 3 million preferred shares, $50 par per share. Feb. 12 Sold 2 will shares for share. 13 Issued 42,000 con shares to attorneys in exchange for legal services. 13 Sold 52,000 of its common shares and 3.000 preferred shares for a total of $10,000 Nov. 15 Issued 355,000 of its common shares in exchange for equipment for which the cash price was known to be $3,728.000 Required: Prepare the appropriate journal entries to record each transaction of 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 Help Save During its first year of operations, Easter Data Links Corporation entered into the following transactions relating to shareholders equity. The articles of incorporation authorized the issue of 7 million common shares, Si par per share, and 3 million preferred shares, $50 par per share. Feb. 12 Sold 2 million common shares, for $9 per share. 13 Issued 42,000 common shares to attorneys in exchange for legal services 13 Sold 82,000 of its common shares and 3.000 preferred shares for a total of $910.000 Nov. 15 Issued 355,000 of its common shares in exchange for equipment for which the cash price was known to be 53.728.000 Required: Prepare the appropriate journal entries to record each transactionIf no entry is required for a particular transaction, select "No journal entry required in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 2 > Sold 82,000 of its common shares and 3,000 preferred shares for a total of 5910,000 Note Enter debits before credite Crodie Date February 13 Help Save B Chec 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 7 million common shares. Si par per share, and 3 million preferred shares $50 par per share. Feb. 12 Sold 2 million common shares, for 39 per share. 13 Issued 42.000 c on shares to attorneys in exchange for legal services. 13 Sold 82,000 of its common shares and ), preferred shares for a total of 1910,000 Nov. 15 Issued 355,000 of its common shares in exchange for equipment for which the cash price was known to be $3,728.000 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.) View transaction list Journal entry worksheet Issued 355,000 of its common shares in exchange for equipment for which the cash price was known to be $3,728,000 Noenter det before credits Date General Journal Debit Credit November 15

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting And Equity Markets

Authors: Philip Brown

1st Edition

1138617083, 978-1138617087

More Books

Students also viewed these Accounting questions