The ledger of Summit Corporation contains the following accounts: Share CapitalOrdinary, Share CapitalPreference, Treasury Shares, Share Premium

Question:

The ledger of Summit contains the following accounts: Share Capital€”Ordinary, Share Capital€”Preference, Treasury Shares, Share Premium€” Preference, Share Premium€”Ordinary, Share Premium€”Treasury, and Retained Earnings.

Instructions
Classify each account using the following table headings. Retained Earnings Share Share Account Other Capital Premium

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...