Mainland Resources Inc. began operations on June $5,2023.$

$2023$

June $5$ Gave $4,000$ common shares to the organizers of the corporation in exchange for accounting and legal services valued at $$84,000.$

$15$ Received $$22$ cash per share for the issuance of $70,000$ common shares.

$16$ Issued $10,000$ preferred shares for cash of $$34$ per share.

$178,000$ common shares were issued to a creditor who was owed $$125,000.$

$18$ The board of directors declared a cash dividend of $$19,000$ on the preferred shares and $$4,500$ on the

$30145,00$ common shares were issued record on June $2,$ payable July $1.$ shares were actively trading on this date

July $1$ The dividends declared on June $18$ were paid.

Required:

Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends.

Journal entry worksheet