The articles of incorporation from the province of Ontario authorize Challenger Canoes Inc. to issue 13,000 shares of $9 preferred shares and 80,000 common shares. In its first?month, Challenger completed the following?transactions:

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Requirements

1.

Record the transactions in the journal.

2.

Prepare the ?shareholders' equity section of the Challenger balance sheet at October?31, 2020. The ending balance of Retained Earnings is $53,000.

The articles of incorporation from the province of Ontario authorize Challenger Canoes Inc. to issue 13,000 shares of $9 preferred shares and 80,000 common shares. In its first month, Challenger completed the following transactions: i (Click the icon to view the transactions.) Requirements 1. Record the transactions in the journal. 2. Prepare the shareholders' equity section of the Challenger balance sheet at October 31, 2020. The ending balance of Retained Earnings is $53,000! Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Explanations are not required.) Oct. 6: Issued 450 common shares to the lawyer for assistance with chartering the corporation. The lawyer's fee was $5,850. Debit Organization Expense. Journal Entry Date Accounts Debit Credit Oct. 6 Oct. 9: Issued 5,500 common shares to Jerry Spence and 13,000 shares to Sheila Markle in return for cash equal to the shares' market price of $13 per share. Spence and Markle are executives of the company. Journal Entry Date Accounts Debit Credit Oct. ? Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later 12:14 PM Type here to search O 11/21/2020 15The articles of incorporation from the province of Ontario authorize Challenger Canoes Inc. to issue 13,000 shares of $9 preferred shares and 80,000 common shares. In its first month, Challenger completed the following transactions: i (Click the icon to view the transactions.) Requirements 1. Record the transactions in the journal. 2. Prepare the shareholders' equity section of the Challenger balance sheet at October 31, 2020. The ending balance of Retained Earnings is $53,000. Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Explanations are not required.) Oct. 6: Issued 450 common shares to the lawyer for assistance with chartering the corporation. The lawyer's fee was $5,850. Debit Organization Expense. Journal Entry Date Accounts Debit Credit Oct. Oct. 9: Issued 5,500 common shares to Jerry Spence and 13,000 shares to Sheila Markle in return for cash equal to the shares' market price of $13 per share. Spence and Markle are executives of the company. Journal Entry Date Accounts Debit Credit Oct. Choose from any list or enter any number in the input fields and then continue to the next question. ? Save for Later Type here to search O 9 12:14 PM 11/21/2020The articles of incorporation from the province of Ontario authorize Challenger Canoes Inc. to issue 13,000 shares of $9 preferred shares and 80,000 common shares. In its first month, Challenger completed the following transactions: i (Click the icon to view the transactions.) Requirements 1. Record the transactions in the journal. 2. Prepare the shareholders' equity section of the Challenger balance sheet at October 31, 2020. The ending balance of Retained Earnings $53,000. i Transactions - X Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Explanations are not required.) 2020 Oct. 6: Issued 450 common shares to the lawyer for assistance with chartering the corporation. The lawyer's fee was $5,850. Debit Organiz Oct. 6 Issued 450 common shares to the lawyer for assistance with chartering the corporation. The Journal Entry lawyer's fee was $5,850. Debit Organization Expense. 9 Issued 5,500 common shares to Jerry Spence and 13,000 shares to Sheila Markde in return Date Accounts Debit Credit for cash equal to the shares, market price of $13 per share. Spence and Markde are Oct. executives of the company. 10 Issued 250 preferred shares to acquire a patent with a fair value of $30,000. 26 Issued 1,900 common shares for cash of $30,400. Print Done Oct. 9: Issued 5,500 common shares to Jerry Spence and 13,000 shares to Sheila Markle in return for cash equal to the shares' market pric Journal Entry Date Accounts Debit Credit Oct Choose from any list or enter any number in the input fields and then continue to the next question. ? Save for Later 12:14 PM Type here to search O 9 A 11/21/2020 515The articles of incorporation from the province of Ontario authorize Challenger Canoes Inc. to issue 13,000 shares of $9 preferred shares and 80,000 common shares. In its first month, Challenger completed the following transactions: i (Click the icon to view the transactions.) Requirements 1. Record the transactions in the journal. 2. Prepare the shareholders' equity section of the Challenger balance sheet at October 31, 2020. The ending balance of Retained Earnings is $53,000. Oct. 9: Issued 5,500 common shares to Jerry Spence and 13,000 shares to Sheila Markle in return for cash equal to the shares' market price of $13 per share. Spence and Markle are executives of the company. Journal Entry Date Accounts Debit Credit Oct Oct. 10: Issued 250 preferred shares to acquire a patent with a fair value of $30,000. Journal Entry Date Accounts Debit Credit Oct. 10 Choose from any list or enter any number in the input fields and then continue to the next question. ? Save for Later Eli 9 12:14 PM Type here to search O 11/21/2020The articles of incorporation from the province of Ontario authorize Challenger Canoes Inc. to issue 13,000 shares of $9 preferred shares and 80,000 common shares. In its first month, Challenger completed the following transactions: (Click the icon to view the transactions.) Requirements 1. Record the transactions in the journal. 2. Prepare the shareholders' equity section of the Challenger balance sheet at October 31, 2020. The ending balance of Retained Earnings is $53,000. Oct. 26: Issued 1,900 common shares for cash of $30,400 Journal Entry Date Accounts Debit Credit Oct. 26 Requirement 2. Prepare the shareholders' equity section of the Challenger balance sheet at October 31, 2020. The ending balance of Retained Earnings is $53,000. (Enter the accounts in the proper order for the shareholders' equity section of the balance sheet. List preferred shares first.) Challenger Canoes Inc. Balance Sheet (partial) October 31, 2020 Shareholders' Equity Choose from any list or enter any number in the input fields and then continue to the next question. ? Save for Later Type here to search O Eli 9 12:14 PM 11/21/2020 E15The articles of incorporation from the province of Ontario authorize Challenger Canoes Inc. to issue 13,000 shares of $9 preferred shares and 80,000 common shares. In its first month, Challenger completed the following transactions: i (Click the icon to view the transactions.) Requirements 1. Record the transactions in the journal. 2. Prepare the shareholders' equity section of the Challenger balance sheet at October 31, 2020. The ending balance of Retained Earnings is $53,000. Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Explanations are not required.) Oct. 6: Issued 450 common shares to the lawyer for assistance with chartering the corporation. The lawyer's fee was $5,850. Debit Organization Expense. Journal Entry Date Accounts Debit Credit Oct. 6 Cash Common Shares Organization Expense Oct. 9: Issued 5 Patent Sheila Markle in return for cash equal to the shares' market price of $13 per share. Spence and Markle are executives of the company. Preferred Shares Retained Earnings Date ACCOUNTS Debit Credit Oct. 9 Choose from any list or enter any number in the input fields and then continue to the next question. ? Save for Later 12:16 PM Type here to search O 9 11/21/2020 516