Team Spirit Inc issues 240,000 common shares for $ ( $ 5 ) per share The journal entry is a Cash 240,000 Common Shares 240,000 b Cash 1,200,000 Common Shares 240,000 Gain on the Sale of Shares 960,000 c Cash 1,200,000 Common Shares 1,200,000 d Cash 1,200,000 Common Shares 480,000 Contributed Surplu...

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Team Spirit Inc. issues 240,000 common shares for $ ($ 5) per share. The journal entry is:

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Team Spirit Inc. issues 240,000 common shares for \$ $\$ 5$ per share. The journal entry is: image text in transcribed

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Financial Accounting

ISBN: 9780135433065

7th Canadian Edition

Authors: Walter Harrison, Wendy Tietz, C. Thomas, Greg Berberich, Catherine Seguin

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Question Posted: May 10, 2024 04:00 AM

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Team Spirit Inc. issues 240,000 common shares for $ ($ 5) per share. The journal entry is:

Question:

a. Cash..... 240,000 Common Shares. 240,000 b. Cash...... 1,200,000 Common Shares. 240,000 Gain on the Sale of Shares... 960,000 c. Cash...... 1,200,000 Common Shares 1,200,000 d. Cash........ 1,200,000 Common Shares....... 480,000 Contributed Surplus on Common Shares 720,000

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Financial Accounting

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