Accustart Ltd. was incorporated as a private company on January 2, 2021, and is authorized to issue an unlim number of common shares and $1 preferred shares. The company had the following share transactions in its month of operations: Jan. 6 12 17 18 24 31 Issued 190,000 common shares for $1.60 per share. Issued 49,000 common shares for $1.67 per share. Issued 10,700 preferred shares for $27.00 per share. Issued 499,000 common shares for $2.00 per share. Repurchased 220,000 common shares at $1.90 per share. Issued 9,900 common shares in exchange for $14,850 of legal services.
Accustart Ltd. was incorporated as a private company on January 2, 2021, and is authorized to issue an unlim number of common shares and $1 preferred shares. The company had the following share transactions in its month of operations: Jan. 6 12 17 18 24 31 Issued 190,000 common shares for $1.60 per share. Issued 49,000 common shares for $1.67 per share. Issued 10,700 preferred shares for $27.00 per share. Issued 499,000 common shares for $2.00 per share. Repurchased 220,000 common shares at $1.90 per share. Issued 9,900 common shares in exchange for $14,850 of legal services.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
DO NOT GIVE SOLUTION IN IMAGE
Transcribed Image Text:Record the above transactions. (Round average cost per share to 2 decimal places, e.g. 1.24. List all debit entries before credit entries.
Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No
Entry" for the account titles and enter O for the amounts.)
Date
Jan. 6
Jan. 12 V
Jan. 17
Jan. 18
Jan. 24
V
Jan. 31
Account Titles and Explanation
Cash
Common Shares
Cash
Common Shares
Cash
Preferred Shares
Cash
Common Shares
Common Shares
Retained Earnings
Cash
Professional Fees Expense
Common Shares
Debit
304000
81830
288900
998000
418000
14850
Credit
304000
81830
288900
998000
14850
Transcribed Image Text:Current Attempt in Progress
Accustart Ltd. was incorporated as a private company on January 2, 2021, and is authorized to issue an unlimited
number of common shares and $1 preferred shares. The company had the following share transactions in its first
month of operations:
Jan.
6 Issued 190,000 common shares for $1.60 per share.
12
Issued 49,000 common shares for $1.67 per share.
17
Issued 10,700 preferred shares for $27.00 per share.
18
Issued 499,000 common shares for $2.00 per share.
24
Repurchased 220,000 common shares at $1.90 per share.
31
Issued 9,900 common shares in exchange for $14,850 of legal services.
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