JOURNAL ENTRY DROP DOWN OPTIONS:

• No journal entry required
• Accounts payable
• Accounts receivable
• Accumulated depreciation
• Cash
• Common stock
• Depreciation expense
• Dividends payable
• Income tax expense
• Income taxes payable
• Inventory
• Land
• Legal expenses
• Paid-in capital - excess of par, common
• Paid-in capital - excess of par, preferred
• Paid-in capital - share repurchase
• Preferred stock
• Property, plant, and equipment
• Retained earnings
• Salaries expense
• Service revenue
• Supplies
• Supplies expense
• Treasury stock
• Utilities expense
• Utilities payable

During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders' equity. The articles of incorporation authorized the issue of 6 million common shares, $1 par per share, and 1 million preferred shares, $50 par per share. Feb. 12 Sold 2 million common shares, for $8 per share. 13 Issued 44,000 common shares to attorneys in exchange for legal services. 13 Sold 71,000 of its common shares and 8,500 preferred shares for a total of $1,060,000. Nov. 15 Issued 445,000 of its common shares in exchange for equipment for which the cash price was known to be $4,088,000. Required: Prepare the appropriate journal entries to record each transaction. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Journal entry worksheet Sold 2 million common shares, for $8 per share. Note: Enter debits before credits. Journal entry worksheet Issued 44,000 common shares to attorneys in exchange for legal services. Note: Enter debits before credits. Journal entry worksheet Sold 71,000 of its common shares and 8,500 preferred shares for a total of $1,060,000. Note: Enter debits before credits. Journal entry worksheet Issued 445,000 of its common shares in exchange for equipment for which the cash price was known to be $4,088,000. Note: Enter debits before credits