please answer do not image. Mainland Resources Inc. began operations on June 5, 2023.2023June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting andlegal services valued at $83,900.15 Received $23 cash per share for the issuance of 69,000 common shares.16 Issued 10,000 preferred shares for cash of $33 per share.17 8,000 common shares were issued to a creditor who was owed $124,000.18 The board of directors declared a cash dividend of $18,900 on the preferred shares and $4,400 onthe common shares to shareholders of record on June 20, payable July 1.144,000 common shares were issued in exchange for machinery with a fair market value of30$2,648,000. The shares were actively trading on this date at $17.00 per share.July 1 The dividends declared on June 18 were paid.Required:Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used fordeclaring dividends.View transaction listJournal entry worksheet123 45Note: Enter debits before credits.DateJune 05, 20236Record the issue of 4,000 common shares to promoters.General Journal7DebitCredit

Journal entries are the basic method for recording financial transactions in the books of accounts.…

Mainland Resources Inc. began operations on June 5, 2023. 2023 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $83,900. 15 Received $23 cash per share for the issuance of 69,000 common shares. 16 Issued 10,000 preferred shares for cash of $33 per share. 17 8,000 common shares were issued to a creditor who was owed $124,000. 18 The board of directors declared a cash dividend of $18,900 on the preferred shares and $4,400 on the common shares to shareholders of record on June 20, payable July 1. 30 144,000 common shares were issued in exchange for machinery with a fair market value of $2,648,000. The shares were actively trading on this date at $17.00 per share. July 1 The dividends declared on June 18 were paid. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends.

Mainland Resources Inc. began operations on June 5, 2023. 2023 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $83,900. 15 Received $23 cash per share for the issuance of 69,000 common shares. 16 Issued 10,000 preferred shares for cash of $33 per share. 17 8,000 common shares were issued to a creditor who was owed $124,000. 18 The board of directors declared a cash dividend of $18,900 on the preferred shares and $4,400 on the common shares to shareholders of record on June 20, payable July 1. 30 144,000 common shares were issued in exchange for machinery with a fair market value of $2,648,000. The shares were actively trading on this date at $17.00 per share. July 1 The dividends declared on June 18 were paid. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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