Question
Prepare the general journal entries that are needed to record the transactions of Transformer Ltd. 1. Issued 100 000 shares for $200 000. 2. The
Prepare the general journal entries that are needed to record the transactions of Transformer Ltd.
1. Issued 100 000 shares for $200 000.
2. The board of directors declared a cash dividend of 50c per share.
3. The cash dividend declared in (2) above was paid.
4. Close the Profit or Loss Summary account which has a credit balance of $23 840.
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
13th edition
978-1-119-4110, 1119411483, 9781119411017, 978-1119411482
