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Pless give me AsAp Earth Star Diamonds Inc. began a potentially lucrative mining operation on October 1, 2023. It is authorized to issue 100,000 shares
Pless give me AsAp
Earth Star Diamonds Inc. began a potentially lucrative mining operation on October 1, 2023. It is authorized to issue 100,000 shares of $0.60 cumulative preferred shares and 500.000 common shares. The company uses the cash dividends account to keep track of all dividends declared. Part A Required: Prepare journal entries for each of the transactions listed. Oct. 1 Issued for cash, 1,000 shares of the preferred shares at 55.20 each. 10 Issued for cash, 54,000 shares of the common shares at $4.60 per share. 15 Earth star purchased land for $196,606, paying cash of $68,600 and borrowing the balance from the bank (to be repaid in two years). 2617,000 preferred shares were issued today for total cash proceeds of $96,560. 24 In addition to the declaration of the annual dividend on the preferred shares, dividends of $26,920 were declared on the common shares today, payable November 15 , 2023. 31 Revenues of $940,600 were earned during the month; all cash. Expenses, al1 cash, totalling $320,6e were incurred in October. Close the Income Summary and dividend accounts. Journal entry worksheet 4 Note: Enter debits berore creaits. Required: Based on the transactions in Part A. prepare the balance sheet as at October 31, 2023 Step by Step Solution
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