On January 1, 2014, Hobbs Corporation had 60,000 common shares issued at $1 per share. During the year, the following transactions occurred: Profit for 2014 amounted to $651,000.
Instructions
Prepare journal entries to record the above transactions.

Question

On January 1, 2014, Hobbs Corporation had 60,000 common shares issued at $1 per share. During the year, the following transactions occurred:  Profit for 2014 amounted to $651,000.
Instructions
Prepare journal entries to record the above transactions.

Quizplus · Accepted Answer

The Answer of On January 1, 2014, Hobbs Corporation had 60,000 common shares issued at $1 per share. During the year, the following transactions occurred:  Profit for 2014 amounted to $651,000.
Instructions
Prepare journal entries to record the above transactions.

On January 1, 2014, Hobbs Corporation Had 60,000 Common Shares