Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

urgent plz Sequra Corporation began a very lucrative consulting operation on November 1 , 7014 Thoy are authorized to issue 450.000 shares of $5.00 cumulative

image text in transcribed

urgent plz

Sequra Corporation began a very lucrative consulting operation on November 1 , 7014 Thoy are authorized to issue 450.000 shares of $5.00 cumulative preferred snares. Theyare also authcvized to tssue 5m ,DOO comnwn shares a. November 7 Issued 14,000 preferred shales at Sd 99 por share tor cash b Novembet 8 6.000 0' the preferred shares we'e Lssued lot a total 01 S70,200 cash November 12 11,000 ot the common shares were Issued tor a total of $55,000 cash. d November 15 6,000 common shares issued in exchange lor land valued at $6,000 e Novembe' 27 Gave the corporation's promoters 11000 common shares tot 'heir services in the corporabon. The directors valued tho services at $33,000 f November 30 In additton to the declaratron of the annual dividend on the preferred shares dvvedends of $16,800 were declared on the common shares today. Prepare journal entnes tor the above transactions. entenng the transaction letter as the explanat'0n Also, enter dales in the format dd'mmm (ie

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

New Perspectives In Accounting Ethics

Authors: Emerald Group Publishing Limited

23rd Edition

1785608673, 9781785608674

More Books

Students also viewed these Accounting questions

Question

What is the confidence level associated with a confidence interval?

Answered: 1 week ago