Answer | ||||
Journal entries |
||||
Date | account and explanation | Debit | credit | |
May-02 | Cash | $ 33,600 | 2100*16 | |
Common Stock | $ 33,600 | |||
Jun-15 | Cash | $ 16,200 | 900*18 | |
Common Stock | $ 16,200 | |||
Nov-01 | Cash | $ 5,940 | 220*27 | |
Preferred stock | $ 5,940 | |||
Dec-15 | Cash | $ 7,700 | 220*35 | |
Preferred stock | $ 7,700 | |||
b) | ||
Number of share authorized | Number of share issued | |
Preferred shares | $ 181,000 | 220*2 = 440 |
Common Shares | Unlimited | 2100+900 = 3000 |
On May 1, Page Corporation incorporated and authorized 181,000 preferred shares and an unlimited number of...
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