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Wild West Corporation engaged m tho following share transactions in the first quartoc of they fiscal year Aug Sop 19 Issued 5,000 common sharos for cash of $1350 per share 3 Sold 1
Wild West Corporation engaged m tho following share transactions in the first quartoc of they fiscal year
Aug Sop
19 Issued 5,000 common sharos for cash of $1350 per share 3 Sold 1.000 $4.50 Class A profocrod shares for $23.000 cash to now investors. 11 Received inventory valued at $22,000 and vehicles with market value of $19.000 for 6,600 corral shrill
Required 1. Journalize the transactions Explanations ale not rogueed 2. How much contributed capital did those transactions generate for Wild West Capoushon't
Requirement 1. Journalize the transactions Explanations are not reguisod (Record debits rest. then credits Exclude explarationetreat August 19 Issued 5 000 common &halos for cash of $13.50 per shale Journal Entry
Date
Accounts
Debit
Credit
Aug 19
a. - - Choose en"' 30V list or enter any number in the input fields and then continue to the next question.
Expert Solution
| Journal Entries: | |||
| Date | Account Titles and Explanation | Debit ($) | Credit ($) |
| Aug-19 | Cash | 67,500 | |
| Common Share Capital | 50000 | ||
| Securities Premium | 17,500 | ||
| (To record issue of share capital) | |||
| Sep-03 | Cash | 23000 | |
| Preference Share capital | 4500 | ||
| Securities Premium (Bal ) | 18,500 | ||
| (To record issue of preferred shares) | |||
| Sep-11 | Inventory | 22,000 | |
| Vehicles | 19000 | ||
| Common Share Capital | 41,000 | ||
| (To record issue for assets) | |||
| Journal Entries: | |||
| Date | Account Titles and Explanation | Debit ($) | Credit ($) |
| Aug-19 | Cash | =5000*13.5 | |
| Common Share Capital | =5000*10 | ||
| Securities Premium | =67500-50000 | ||
| (To record issue of share capital) | |||
| Sep-03 | Cash | 23000 | |
| Preference Share capital | =1000*4.5 | ||
| Securities Premium (Bal ) | =23000-4500 | ||
| (To record issue of preferred shares) | |||
| Sep-11 | Inventory | 22000 | |
| Vehicles | 19000 | ||
| Common Share Capital | =22000+19000 | ||
| (To record issue for assets) |
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