Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help with with Aug 12 and Dec 15 Ayayai Ltd. was incorporated on January 1,2024. During the year the company entered into the following

need help with with Aug 12 and Dec 15
image text in transcribed
image text in transcribed
Ayayai Ltd. was incorporated on January 1,2024. During the year the company entered into the following transactions: Jan. 5 Issued 49,000 common shares for $2.50 per share. Jan. 20 Issued 2,700 common shares to settle legal expenses. The value of the legal expenses was $8,818. Feb. 10 Issued 11.000 preferred shares for $50.00 per share. Aug. 12 Repurchased 14,700 common shares for $2.40 per share. Oct. 1 Issued 5,300 common shares for $2.25 per share. Dec. 15 Repurchased 22,000 common shares for $2.70 per share. Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry' for the account tities and enter O for the amounts. Record journol entries in the order presented in the problem. Uist all debit entries before credit entries. Round per share cakculattons to 2 declmat places, eg. 5.75 and finat answers to 0 decinat ploces, es 5,275J Aug. 12 Commonshares 36750 Contributed Surplus Cash 88200 Oct. 1 Cash 11925 Common Shares A Dec. 15 Common Shares 59400 Contributed Surplus Retained Earning Cash

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

Management Accounting A Business Planning Approach

Authors: Noah P. Barsky, Jr. Anthony H. Catanach

2nd Edition

1516506286, 978-1516506286

More Books

Students also viewed these Accounting questions

Question

What factors infl uence our perceptions?

Answered: 1 week ago