Ayayai Corp., a private corporation, received its articles of incorporation on January 3,2024. It is...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Ayayai Corp., a private corporation, received its articles of incorporation on January It is authorized to issue an unlimited number of common shares and $ preferred shares. It had the following share transactions during the year:
Jan. Issued common shares for $ per share.
Issued common shares in payment of a $ bill for legal services.
July Issued preferred shares for $ per share.
Oct. Issued common shares in exchange for land. The land's fair value was estimated to be $ Ayayai's accountant estimated that the fair value of the shares issued might be as high as $ per share.
a
Journalize the share transactions. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.
Date
Account Titles
Debit
Credit
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!