Question on january 1 2017 urban faith limited had 200000, Ask an Expert

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Question: On January 1, 2017, Urban Faith Limited had 200,000 common shares issued at an average cost of $25 per share. During the year, the following transactions occurred:

May 1 Issued 20,000 common shares for $470,000.

Jun 1 Declared a cash dividend of $3.50 per share to shareholders of record on June 15.

Jun 25 Issued 10,000 common shares for $260,000.

Jun 30 Paid the cash dividend declared on June 1.

Profit for 2017 amounted to $885,000.

Instructions: Prepare journal entries to record the above transactions assuming Urban Faith has a December 31 year end. Be sure to prepare the appropriate closing entries at December 31, 2017.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92760702

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