Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during its first year of operations, cole's electr

During its first year of operations, Cole's Electronics Inc. completed the following transactions relating to...

50.1K

Verified Solution

Question

Accounting

During its first year of operations, Cole's Electronics Inc. completed the following transactions relating to shareholders' equity. January 5: Issued 2,600,000 shares of common stock for $19 per share. February 12: Issued 14,000 shares of common stock to accountants for $266,000 of professional services. The articles of incorporation authorize 5,000,000 shares of common stock with a par of $1 per share and 1,000,000 preferred shares with a par of $100 per share. Required: Record the above transactions in general journal formimage

Journal entry worksheet Issued 14,000 shares of common stock to accountants for $266,000 of professional services. Note: Enter debits before credits

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!
Become a Member

Other questions asked by students

Q

For the following reaction, 22.0 grams of iron are allowed to react with 45.3 grams of...

Chemistry
Q

a battery the charge will move from one terminal to another Th O the battery...

Physics
Q

What minimum heat is needed to bring 50 g of water at 30 C to...

Physics
Q

A conducting circular loop of radius r carries a constant current i It is placed...

Physics
Q

9 A fixed regular payment typically paid weekly basis made by an employer to an...

Basic Math
Q

Discuss limitations of financial reporting in enabling shareholders to hold management accountable

Accounting
Q

common law refers

Accounting
Q

Comer Company produces and sells strings of colorful indoor/outdoor lights for holiday display to retailers...

Accounting
Q

Blue Spruce Corp. had a balance in the Accounts Receivable account of $808000 at the...

Accounting
Q

Golden Wedding Dress Company designs custom wedding dresses for brides to be the person preparing...

Accounting
Q

The standard deviation of return on investment A is 11%, while the standard deviation of...

Finance
Q

Elroy, who is single, has taken over the care of his mother Irene in her...

Accounting