On 2 January 20X4, GHI Corporation was incorporated in the province of Ontario.It was authorized to issue an unlimited number of no-par value common shares, and 10,000 shares of no-par, $8, cumulative and non-participating preferred.During 20X4, the firm completed the following transactions: Part A: Prepare Journal entries to record the subscription of common shares
Part B: Prepare Journal entries to record the issuance of preferred shares in exchange for assets; recorded at fair market value of the assets in the absence of a value for the preferred shares.
Part C: Prepare Journal entries to record the receipt of donated assets.
Part D: Prepare Journal entries to record the receipt of cash for subscribed shares and issuance of shares.
Part E: Prepare Journal entries to record the acquisition and retirement of common shares.Part F: Prepare Journal entries to record dividends declared.
Part G: Prepare Journal entries to record the closing of the income summary account.

Question

On 2 January 20X4, GHI Corporation was incorporated in the province of Ontario.It was authorized to issue an unlimited number of no-par value common shares, and 10,000 shares of no-par, $8, cumulative and non-participating preferred.During 20X4, the firm completed the following transactions:  Part A: Prepare Journal entries to record the subscription of common shares
Part B: Prepare Journal entries to record the issuance of preferred shares in exchange for assets; recorded at fair market value of the assets in the absence of a value for the preferred shares.
Part C: Prepare Journal entries to record the receipt of donated assets.
Part D: Prepare Journal entries to record the receipt of cash for subscribed shares and issuance of shares.
Part E: Prepare Journal entries to record the acquisition and retirement of common shares.Part F: Prepare Journal entries to record dividends declared.
Part G: Prepare Journal entries to record the closing of the income summary account.

Quizplus · Accepted Answer

The Answer of On 2 January 20X4, GHI Corporation was incorporated in the province of Ontario.It was authorized to issue an unlimited number of no-par value common shares, and 10,000 shares of no-par, $8, cumulative and non-participating preferred.During 20X4, the firm completed the following transactions:  Part A: Prepare Journal entries to record the subscription of common shares
Part B: Prepare Journal entries to record the issuance of preferred shares in exchange for assets; recorded at fair market value of the assets in the absence of a value for the preferred shares.
Part C: Prepare Journal entries to record the receipt of donated assets.
Part D: Prepare Journal entries to record the receipt of cash for subscribed shares and issuance of shares.
Part E: Prepare Journal entries to record the acquisition and retirement of common shares.Part F: Prepare Journal entries to record dividends declared.
Part G: Prepare Journal entries to record the closing of the income summary account.

On 2 January 20X4, GHI Corporation Was Incorporated in the Province