2. Diego Corp received its charter and began business in 2020. The company was authorized...
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2. Diego Corp received its charter and began business in 2020. The company was authorized to issue 20,000, $5, noncumulative preferred shares and an unlimited number of common shares. Prepare journal entries to record the following transactions that occurred during 2020: Sep-01 Honoured a $55,000, 12%, 120 note payable, in exchange for 800 preferred shares. Oct-12 Sold 1,500 preferred shares for $70 per share, cash. Nov 03 Sold 2,000 common shares at $22 per share. 10
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