17
During its first year of operations, Criswell Incorporated completed the following transactions relating to shareholders' equity.
January 5: Issued 380,000 of its common shares for $8 per share and 3,800 preferred shares at $110.
February 12: Issued 58,000 shares of common stock in exchange for equipment with a known cash price of $326,000.
The articles of incorporation authorize 5,000,000 shares with a par of $1 per share of common and 1,000,000 preferred shares with a
par of $100 per share.
Required:
Record the above transactions in general journal form.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
1 Record the issue of 380,000 common shares for $8 per
share.
2 Record the issue of 3,800 preferred shares at $110.
3 Issued 58,000 shares of common stock in exchange for
equipment with a known cash price of $326,000.