Sarasota Corporation, a private corporation, was organized on February 1. 2023. It is authorized to issue 88,800, $6 noncumulative preferred shares, and an unlimited number of common shares. The following transactions were completed during the first year: Feb. 10 Issued 71,040 common shares at $4 per share. Issued 4,440 preferred shares at $114 per share Issued 19,980 common shares for land. The land's asking price Issued 69,264 common shares at $4.50 per share. Mar. 1 Apr. 1 June 20 July 7 Sept. 1 Issued 8,880 common shares at $5 per share. Nov. 1 Issued 888 preferred shares at $120 per share. Issued 8,880 common shares to lawyers to pay for their bill of Journalize the transactions. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
Sarasota Corporation, a private corporation, was organized on February 1. 2023. It is authorized to issue 88,800, $6 noncumulative preferred shares, and an unlimited number of common shares. The following transactions were completed during the first year: Feb. 10 Issued 71,040 common shares at $4 per share. Issued 4,440 preferred shares at $114 per share Issued 19,980 common shares for land. The land's asking price Issued 69,264 common shares at $4.50 per share. Mar. 1 Apr. 1 June 20 July 7 Sept. 1 Issued 8,880 common shares at $5 per share. Nov. 1 Issued 888 preferred shares at $120 per share. Issued 8,880 common shares to lawyers to pay for their bill of Journalize the transactions. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sarasota Corporation, a private corporation, was organized on February 1.
2023. It is authorized to issue 88,800, $6 noncumulative preferred shares, and
an unlimited number of common shares. The following transactions were
completed during the first year:
Feb. 10
Issued 71,040 common shares at $4 per share.
Issued 4,440 preferred shares at $114 per share
Issued 19,980 common shares for land. The land's asking price
Issued 69,264 common shares at $4.50 per share.
Mar. 1
Apr. 1
June 20
July 7
Sept. 1
Issued 8,880 common shares at $5 per share.
Nov. 1
Issued 888 preferred shares at $120 per share.
Issued 8,880 common shares to lawyers to pay for their bill of
Journalize the transactions. (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. Record
journal entries in the order presented in the problem. List all debit entries before
credit entries.)
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