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record all the above journal transactions

record all the above journal transactions

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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record all the above journal transactions

ABC Ltd. was incorporated on January 1, 2022. During the year the company entered into the following transactions: Jan 5 Issued 56,000 common shares for $2.50 per share. Jan 20 Issued 2,500 common shares to settle legal expenses. The value of the legal expenses was $12,685. Feb 10 Issued 14,000 preferred shares for $50.00 per share. Aug 12 Repurchased 17,000 common shares for $2.40 per share. Oct 1 Issued 5,800 common shares for $2.25 per share. Dec 31 Repurchased 32,000 common shares for $2.70 per share.
Transcribed Image Text:ABC Ltd. was incorporated on January 1, 2022. During the year the company entered into the following transactions: Jan 5 Issued 56,000 common shares for $2.50 per share. Jan 20 Issued 2,500 common shares to settle legal expenses. The value of the legal expenses was $12,685. Feb 10 Issued 14,000 preferred shares for $50.00 per share. Aug 12 Repurchased 17,000 common shares for $2.40 per share. Oct 1 Issued 5,800 common shares for $2.25 per share. Dec 31 Repurchased 32,000 common shares for $2.70 per share.
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