Question 1 chapter 13 Handout Assignment
During its first year of operations, Millwoods Enterprises Inc. had the following transactions related to
its common shares:
Jan 5 - Issued 5,000 common shares to Michelle Vogel for $ 1 each.
Mar 15 - Issued 10,000 common shares in exchange for equipment transferred from Vogel. The equipment was valued at $ 40,000.
Apr 10 - Issued 3,500 shares to a consulting firm for management consulting services as settlement of a $ 14,000 invoice.
Sep 30 - Issued 4,000 common shares to Renee Vogel for $ 5 each.
Instructions
a) Journalize the share transactions.
b) Calculate the average cost of the common shares of Millwoods Enterprises Inc. at December 31.
Homework Answers
a) journal entries:
1) Jan 5 Bank a/c Dr 5000
To equity share capital a/c 5000
( being equity capital issued)
2) Mar 15 Equipment a/c Dr 40000
To equity share capital a/c 40000
( being equity share issued)
3) Apr 10 Consulting service a/c Dr 14000
To, equity share capital a/c 14000
( being equity shares issued)
4)sep 30 Renee Vogal a/c Dr 20000
To equity share capital a/c 20000
( being equity shares issued)
b) Average cost of common stock:
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