Essential Financial Service Corp. was incorporated on January 1, 2019 to prepare business plans for small enterprises seeking bank financing. Required: Prepare journal entries to record the following transactions on January 2, 2019: 1. Received an incorporation charter authorizing the issuance of an unlimited number of shares of no par-value, voting, common stock and 10,000 shares of 4%, no-par value, non-voting preferred stock. 2. Issued in exchange for incorporation costs incurred by stockholders 10,000 shares of common stock at stated value of $1 each. 3. Issued for cash 1,000 shares of preferred stock at stated value of $3 each 
Other questions asked by students
Medical Sciences
Medical Sciences
Q
 Record your lab data regarding photogate positions and times in the table below, converting the...
Physics
Accounting
Accounting