Maxwell had the following transactions pertaining to its ordinary shares during the first year ofoperations.Jan 10Issued 80,000 shares for cash at RM6 per share.Mar 1Issued 5,000 shares to lawyer in payment of a bill for RM40,000 for servicesrendered in helping the company to incorporate.July 1Issued 30,000 shares for cash at RM8 per share.Sep 1Issued 60,000 shares for cash at RM10 per share.REQUIRED:Prepare the journal entries to record the transactions.

Name: Maxwell had the following transactions pertaining to its ordinary sha
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Description: Maxwell had the following transactions pertaining to its ordinary shares during the first year ofoperations.Jan 10Issued 80,000 shares for cash at RM6 per share.Mar 1Issued 5,000 shares to lawyer in payment of a bill for RM40,000 for servicesrendere

Journal entries (JE) refer to reposting of the transactions into the entity or company books of…

Business

Accounting

Jan 10 Issued 80,000 shares for cash at RM6 per share. Mar 1 Issued 5,000 shares to lawyer in payment of a bill for RM40,000 rendered in helping the company to incorporate. July 1 Issued 30,000 shares for cash at RM8 per share. Sep 1 Issued 60,000 shares for cash at RM10 per share. REOUIR ED:

Jan 10 Issued 80,000 shares for cash at RM6 per share. Mar 1 Issued 5,000 shares to lawyer in payment of a bill for RM40,000 rendered in helping the company to incorporate. July 1 Issued 30,000 shares for cash at RM8 per share. Sep 1 Issued 60,000 shares for cash at RM10 per share. REOUIR ED:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 11EA: Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share...

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