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Open general ledger accounts and post to the shareholders' equity accounts. Preferred Shares Date Explanation Ref. Mar. 1 Nov. 1 Feb. Common Shares Date Explanation Ref. Apr. 10 July 1 June 20 7 31 Sept. 1 31 31 31 31 J1 31 Debit Debit Credit Credit Balance Balance 100

Open general ledger accounts and post to the shareholders' equity accounts. Preferred Shares Date Explanation Ref. Mar. 1 Nov. 1 Feb. Common Shares Date Explanation Ref. Apr. 10 July 1 June 20 7 31 Sept. 1 31 31 31 31 J1 31 Debit Debit Credit Credit Balance Balance 100

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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Open general ledger accounts and post to the shareholders' equity accounts. Preferred Shares Date Explanation Ref. Mar. 1 Nov. 1 Feb. 10 Common Shares Date Explanation Ref. Apr. 1 June 201 July Sept. 7 31 1 J1 31 31 31 J1 31 Debit Debit Credit Credit Balance Balance
Transcribed Image Text:Open general ledger accounts and post to the shareholders' equity accounts. Preferred Shares Date Explanation Ref. Mar. 1 Nov. 1 Feb. 10 Common Shares Date Explanation Ref. Apr. 1 June 201 July Sept. 7 31 1 J1 31 31 31 J1 31 Debit Debit Credit Credit Balance Balance
Blue Corporation, a private corporation, was organized on February 1, 2023. It is authorized to issue 73,200, $6 noncumulative preferred shares, and an unlimited number of common shares. The following transactions were completed during the first year: Feb. 10 Issued 58,560 common shares at $4 per share. Issued 3,660 preferred shares at $114 per share. Issued 16,470 common shares for land. The land's asking price was $73,200 and its appraised value was $65,880. Issued 57,096 common shares at $4.50 per share. Issued 7,320 common shares to lawyers to pay for their bill of $32,940 for services they performed in helping the comp Issued 7,320 common shares at $5 per share. 1 Issued 732 preferred shares at $120 per share. Mar. 1 Apr. 1 June 20 July 7 Sept. 1 Nov.
Transcribed Image Text:Blue Corporation, a private corporation, was organized on February 1, 2023. It is authorized to issue 73,200, $6 noncumulative preferred shares, and an unlimited number of common shares. The following transactions were completed during the first year: Feb. 10 Issued 58,560 common shares at $4 per share. Issued 3,660 preferred shares at $114 per share. Issued 16,470 common shares for land. The land's asking price was $73,200 and its appraised value was $65,880. Issued 57,096 common shares at $4.50 per share. Issued 7,320 common shares to lawyers to pay for their bill of $32,940 for services they performed in helping the comp Issued 7,320 common shares at $5 per share. 1 Issued 732 preferred shares at $120 per share. Mar. 1 Apr. 1 June 20 July 7 Sept. 1 Nov.
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