Ramsay Inc recently hired a new accountant with extensive experience
Ramsay Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital shares:
Instructions
Based on the explanation for each entry, prepare the entries that should have been made for the capital share transactions. Explain your reasoning.
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