Westby Corp, a highschool uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2020, its first month of operations, the following selected transactions occurred

journalize the above transations. The company does not use a Cash Dividends account.

Jan. 1 1,800 shares were issued to the organizers of the corporation. The total value of the shares was determined to be $11,800. 5 15,000 shares were sold to various shareholders for $13.30 each. 15 The board of directors declared a cash dividend of $0.73 per common share to shareholders of record an January 19, payable January 31. 2e 4,000 shares were issued in exchange for land valued at $47,200. The shares were actively trading on this date at $11.30 per share. 31 Closed the Income Summary account, which showed a credit balance of $163,080. 31 Paid the dividends declared on January 15. Journal entry worksheet Record the issuance of shares. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2020 Record entry Clear entry View general Journal Journal entry worksheet Record to close the income summary account. Note: Enter debits before credits General Journal Debit Credit Date January 31, 2020 Record entry Clear entry View general Journal Journal entry worksheet