Tunis Incorporated has a March 31 year-end. The following information pertains to the company’s shares: Common Shares: unlimited # authorized, 45,000 issued; $180,000 Preferred Shares: unlimited # authorized, $6 cumulative; 0 issued; $0 A transaction listing for Tunis Incorporated’s prior fiscal year is as follows: Issued 20,000 common shares at $5/share ................... Apr 5 Issued 5,000 preferred shares at $30/share .................. May 17 Declared/paid a $6/share dividend on preferred shares ... Jul 14 Bought and retired 1,000 preferred shares at $37/share.. Aug 19 Declared/paid a $1/share dividend on common shares .... Nov 16 Issued 500 common shares in exchg. for $10K machine .. Dec 19 Required Prepare the required journal entries in good form (with dates) for the above-listed transactions
Tunis Incorporated has a March 31 year-end. The following information pertains to the company’s shares:
Common Shares: unlimited # authorized, 45,000 issued; $180,000
A transaction listing for Tunis Incorporated’s prior fiscal year is as follows:
Issued 20,000 common shares at $5/share ................... Apr 5
Issued 5,000 preferred shares at $30/share .................. May 17
Declared/paid a $6/share dividend on preferred shares ... Jul 14
Bought and retired 1,000 preferred shares at $37/share.. Aug 19
Declared/paid a $1/share dividend on common shares .... Nov 16
Issued 500 common shares in exchg. for $10K machine .. Dec 19
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