Current Attempt in Progress Your answer is partially correct. Sheffield Ltd. was incorporated on January 1,...

Transcribed Image Text:

Current Attempt in Progress Your answer is partially correct. Sheffield Ltd. was incorporated on January 1, 2024. During the year the company entered into the following transactions: Jan. Jan. 5 Issued 40,000 common shares for $2.50 per share. 20 Issued 2,700 common shares to settle legal expenses. The value of the legal expenses was $8,885. Feb. 10 Issued 11,000 preferred shares for $30.00 per share. Aug. 12 Repurchased 12,000 common shares for $2.40 per share. Oct. 1 Issued 5,200 common shares for $2.25 per share. Dec. 15 Repurchased 20,000 common shares for $2.70 per share. Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries. Round per share calculations to 2 decimal places, e.g. 5.75 and final answers to O decimal places, e.g. 5,275.) Date Account Titles Jan. 5 Cash Common Shares Jan. 20 Legal Expense Common Shares Feb. 10 Cash Aug 12 Preferred Shares Oct. 1 Cash Dec 15 Common Shares Debit Credit Aug. 12: Preferred Shares Oct. 1 Cash Dec. 15 # Common Shares Current Attempt in Progress Your answer is partially correct. Sheffield Ltd. was incorporated on January 1, 2024. During the year the company entered into the following transactions: Jan. Jan. 5 Issued 40,000 common shares for $2.50 per share. 20 Issued 2,700 common shares to settle legal expenses. The value of the legal expenses was $8,885. Feb. 10 Issued 11,000 preferred shares for $30.00 per share. Aug. 12 Repurchased 12,000 common shares for $2.40 per share. Oct. 1 Issued 5,200 common shares for $2.25 per share. Dec. 15 Repurchased 20,000 common shares for $2.70 per share. Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries. Round per share calculations to 2 decimal places, e.g. 5.75 and final answers to O decimal places, e.g. 5,275.) Date Account Titles Jan. 5 Cash Common Shares Jan. 20 Legal Expense Common Shares Feb. 10 Cash Aug 12 Preferred Shares Oct. 1 Cash Dec 15 Common Shares Debit Credit Aug. 12: Preferred Shares Oct. 1 Cash Dec. 15 # Common Shares