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please provide entries as soon as possible Question 1 [25 points] Callaho Inc. was authorized to issue 550,000 $2.00 preferred shares and 550,000 common shares.
please provide entries as soon as possible
Question 1 [25 points] Callaho Inc. was authorized to issue 550,000 $2.00 preferred shares and 550,000 common shares. During October 2014, their first month of operations, the following selected transactions occurred: a. October 5: Issued 6,000 preferred shares at $2.50 per share for cash. b. October 7: Gave the corporation's promoters 8,000 common shares for their services in organizing the corporation. The directors valued the services at $56,000. c. October 17: 11,000 of the common shares were issued for a total of $66,000 cash. d. October 20 : Issued 10,000 common shares $2.50 per share for cash. e. October 23: 12,000 of the preferred shares were issued for a total of $24,000 cash. f. October 23: 7,000 preferred shares and 11,000 common shares were issued at $6.00 and $3.00, respectively; cash. g. October 31 : 12,000 common shares were issued in exchange for land valued at $60,000. 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 (i.e., January 15 would be 15/Jan). General Journal Date Account Explanation 5/Oct Cash Preferred Shares F Page GJ5 Debit Credit 15,000 15,000 a 17/Oct + = +Step by Step Solution
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