Hazel Company was organized on January 1, 2017. It is authorized to issue 100,000, 10%, $100 par value preference shares, and 600,000 no-par ordinary shares with a stated value of S7 per share. The following share transactions were completed during the first year. Jan 10 Issued 100,000 ordinary shares for cash at $10 per share Mar 15 Issued 22,300 preference shares for cash at $115 per share Apr 14 Issued 9,500 ordinary shares for land. The asking price of land was $88,000. The company's estimate of fair value of the land was $85,000 May 20 Issued 12.000 ordinary shares for cash at $4 per share Aug 17 Issued 3,000 ordinary shares to attorneys in payment of their bill for $35.000 for services provided in helping the company organize Sept 21 Issued 650 ordinary shares for cash at $9 per share Nov 29 Issued 2,550 preference shares for cash at $140 per share Journalize the transaction

Hazel Company was organized on January 1, 2017. It is authorized to issue 100,000, 10%, $100 par value preference shares, and 600,000 no-par ordinary shares with a stated value of S7 per share. The following share transactions were completed during the first year. Jan 10 Issued 100,000 ordinary shares for cash at $10 per share Mar 15 Issued 22,300 preference shares for cash at $115 per share Apr 14 Issued 9,500 ordinary shares for land. The asking price of land was $88,000. The company's estimate of fair value of the land was $85,000 May 20 Issued 12.000 ordinary shares for cash at $4 per share Aug 17 Issued 3,000 ordinary shares to attorneys in payment of their bill for $35.000 for services provided in helping the company organize Sept 21 Issued 650 ordinary shares for cash at $9 per share Nov 29 Issued 2,550 preference shares for cash at $140 per share Journalize the transaction

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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