Question: hi there i need help with this question, please make sure you answer the full question with all its parts also please make sure answers








Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2023, its first month of operations, the following selected transactions occurred: Jan. 1 1, 000 shares were issued to the organizers of the corporation. The total value of the shares was determind to be $11,360. 515,600 shares were sold to varlous shareholders for $12,80 each. 15 The board of directors declared a cash dividend of 50.68 per common share to shareholders of record on January 19 , payable Januory 31 . 204,000 shares were issued in exchange for a special piece of land with a book value of $45,200, but no determined Fair Market Value. The shares were actively trading on this date at $10,30 per share, 31 Closed the Income Sumnary account, which showed a credit balance of $158,000. Required: a. Journalize the above transactions. The Company does not use a Cash Dividends Account. Required: a. Journalize the above transactions. The Company does not use a Cash Dividends Account. Journal entry worksheet 2 56 Required: a. Journalize the above transactions. The Company does not use a Cash Dividends Account. Journal entry worksheet 456 Record the issuance of shares. Note: Enter debits before credits. Required: a. Journalize the above transactions. The Company does not use a Cash Dividends Account Journal entry worksheet 6 Required: a. Journalize the above transactions. The Company does not use a Cash Dividends Account. Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
