The following selected transactions occurred during Trio Networks Corporation’s first year of operations: 2020 Jan.15Issued 2,000 common shares to the corporation’s promoters in exchange for their efforts in creating it. Their efforts are estimated to be worth $32,000.Feb.2117,500 common shares were issued for cash of $13 per share.Mar.96,000 preferred shares were issued for cash totalling $113,100.Aug.1555,000 common shares were issued in exchange for land, building, and equipment with appraised values of $320,000, $425,000, and $117,000, respectively. Required:Prepare journal entries.

A journal entry is an accounting entry that is used to record a business transaction in the…

Answered: sh of $13 per share. Mar. 9 6,000…

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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The following selected transactions occurred during Trio Networks Corporation’s first year of operations:

2020
Jan.	15	Issued 2,000 common shares to the corporation’s promoters in exchange for their efforts in creating it. Their efforts are estimated to be worth $32,000.
Feb.	21	17,500 common shares were issued for cash of $13 per share.
Mar.	9	6,000 preferred shares were issued for cash totalling $113,100.
Aug.	15	55,000 common shares were issued in exchange for land, building, and equipment with appraised values of $320,000, $425,000, and $117,000, respectively.

Required:
Prepare journal entries.

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