Fast Cars Inc. was authorized to issue 50,000 $1.50 preferred shares and 300,000 common shares. During...

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Fast Cars Inc. was authorized to issue 50,000 $1.50 preferred shares and 300,000 common shares. During 2023, its first year of operations, the following selected transactions occurred: Jan. 1 4,900 of the preferred shares were issued at $13.00 per share; cash. Feb. 5 15,000 of the common shares were issued for a total of $125,000; cash. Mar. 20 3,000 of the common shares were given to the organizers of the corporation regarding their efforts. The shares were valued at a total of $28,700. May 15 11,900 preferred shares and 19,500 common shares were issued at $13.10 and $9.50 respectively; cash. Dec. 31 The Income Summary account was closed; it showed a debit balance of $328,000. December 31 is Fast Car's year-end. Required: a. Journalize the above transactions. Fast Cars Inc. was authorized to issue 50,000 $1.50 preferred shares and 300,000 common shares. During 2023, its first year of operations, the following selected transactions occurred: Jan. 1 4,900 of the preferred shares were issued at $13.00 per share; cash. Feb. 5 15,000 of the common shares were issued for a total of $125,000; cash. Mar. 20 3,000 of the common shares were given to the organizers of the corporation regarding their efforts. The shares were valued at a total of $28,700. May 15 11,900 preferred shares and 19,500 common shares were issued at $13.10 and $9.50 respectively; cash. Dec. 31 The Income Summary account was closed; it showed a debit balance of $328,000. December 31 is Fast Car's year-end. Required: a. Journalize the above transactions.

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1 January 1 Issuance of Preferred Shares Transaction 4900 preferred shares were issued at 1300 per s... View the full answer