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Holden Corp was authorized to issue 450,000 $2.00 preferred shares and 700,000 common shares. During November 2014, their first month of operations, the following selected
Holden Corp was authorized to issue 450,000 $2.00 preferred shares and 700,000 common shares. During November 2014, their first month of operations, the following selected transactions occurred a November 3: Issued 6,000 preferred shares at $3.50 per share for cash b. November 4 13,000 of the preferred shares were issued for a total of $39,000 cash. c November 9 - 14,000 common shares were issued in exchange for land valued at $14,000 d November 11 8,000 of the common shares were issued for a total of $16,000 cash e November 14 Gave the corporation's promoters 14,000 common shares for their services in organizing the corporation. The directors valued the services at $70,000 1 November 14 5,000 preferred shares and 6,000 common shares were issued at $9.00 and $400, respectively, cash g. November 25 Issued 14,000 common shares at $5.00 per share for cash Prepare journal entries for the above transactions. Enter the transaction letter as the description when entering the transactions in the journal Dates must be entered in the format dd/mmm (10. January 15 would be 15/Jan) General Journal Page GJS
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