Sunny Sails was incorporated on January 1, 2018 and was authorized under its charter to issue the following shares
25,000 non-cumulative, non-voting 5% perferred shares and an unlimited number of no par-value voting common shares
Requirement: Prepare journal entries for the following transactions:
a. Issued 4,000 preferred shares for $7 cash each on January 3, 2018
b. Issued 2,500 common shares for $1 cash each on January 3, 2018
c. Issued 5,000 preferred shares for $6 cash each on January 14, 2018
d. Issued 1,500 common shares for $2 cash each on August 2, 2018
e. Issued 750 preferred shares for equipment valued at $11,250 on December 20, 2018