Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

kindly do this question fast Bentley Inc. began a very lucrative consulting operation on June I , 2014. They are authorized to issue 450.000 shares

image text in transcribed

kindly do this question fast

Bentley Inc. began a very lucrative consulting operation on June I , 2014. They are authorized to issue 450.000 shares of $3.00 cumulative preferred shares. They are also authorized to issue 700,000 common shares. a. June 1 : Gave the corporation's promoters 10,000 common shares for their services in organizing the corporation. The directors valued the services at S36,000. b. June 3 : 6,000 common shares were issued in exchange for land valued at $6,000. c. June 8 : 11,000 of the preferred shares were issued for a total of S29,700 cash. d. June 21 : 11,000 of the common shares were issued for a total of S5,500 cash. e- June 22 : Issued 11.000 preferred shares at S6.93 per share for cash. f. June 30 : In addition to the declaration of the annual dividend on the preferred shares, dividends of $43,200 were declared on the common shares today. Prepare journal entries for the above transactions, entering the transaction letter as the explanation. Also, enter dates in the format dd/mmm (ie. 15/Jan). F Debit Credit-

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

Survey Of Accounting

Authors: Carl S. Warren

1st Edition

0538870850, 9780538870856

More Books

Students also viewed these Accounting questions

Question

Will the company help with relocation expenses?

Answered: 1 week ago