Tri Town Ltd. was incorporated as a private company on January 2, 2018, and is authorized to issue an unlimited number of common shares and $1 preferred shares. The company had the following share transactions in its first month of operations:
Jan. 6
Issued 207,000 common shares for $1.50 per share.
Jan. 12
Issued 55,000 common shares for $1.58 per share.
Jan. 17
Issued 9,100 preferred shares for $27.00 per share.
Jan. 18
Issued 490,000 common shares for $2.00 per share.
Jan. 24
Reacquired 202,000 common shares at $1.90 per share.
Jan. 31
Issued 10,200 common shares in exchange for $15,300 of legal services.
Date
Account Titles and Explanation
Debit
Credit
Jan. 6
Cash
310,500
Common Shares
310,500
Jan. 12
Cash
86,900
Common Shares
86,900
Jan. 17
Cash
245,700
Preferred Shares
245,700
Jan. 18
Cash
980,000
Common Shares
980,000
Jan. 24
Common Shares
Retained Earnings
Cash
383,800
Jan. 31
Professional Fees Expense
15,300
Common Shares
15,300