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June Sept. 30 Issued 10,000 Instructions a) b) Record the transactions. Calculate the number and average price of common shares issued at the end of 2250 2250

June Sept. 30 Issued 10,000 Instructions a) b) Record the transactions. Calculate the number and average price of common shares issued at the end of 2250 2250

FINANCIAL ACCOUNTING
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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Question 3 On January 1, 2024, Only You Merchandise Ltd. had 5,000 common shares issued for a total of $7,500, and no other shares or contributed capital. During 2024, Only You had the following transactions: Jan. 15 Issued 1,500 common shares for $1.50 each. Mar. 31 Settled an account for legal fees by issuing 3,000 shares. The value of the legal services was $5,000. June 30 Reacquired 1,700 shares for $2.00 each. Round the per share cost to two decimal places. Sept. 30 Issued 10,000 shares in exchange for equipment with a fair value of $22,500. Instructions a) Record the transactions. b) Calculate the number and average price of common shares issued at the end of 2024. a) Jan 15 Cash 2250 2250 common shares To record issuany of shane d) 5000 b) Mar 31 legal service expense 5000 Common shares to record expense paid with shares
Transcribed Image Text:Question 3 On January 1, 2024, Only You Merchandise Ltd. had 5,000 common shares issued for a total of $7,500, and no other shares or contributed capital. During 2024, Only You had the following transactions: Jan. 15 Issued 1,500 common shares for $1.50 each. Mar. 31 Settled an account for legal fees by issuing 3,000 shares. The value of the legal services was $5,000. June 30 Reacquired 1,700 shares for $2.00 each. Round the per share cost to two decimal places. Sept. 30 Issued 10,000 shares in exchange for equipment with a fair value of $22,500. Instructions a) Record the transactions. b) Calculate the number and average price of common shares issued at the end of 2024. a) Jan 15 Cash 2250 2250 common shares To record issuany of shane d) 5000 b) Mar 31 legal service expense 5000 Common shares to record expense paid with shares
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