Pharoah s Dance Studios Ltd . is a public company, and accordingly uses IFRS for financial reporting.
Fantastic news! We've Found the answer you've been seeking!
Question:
Pharoahs Dance Studios Ltd is a public company, and accordingly uses IFRS for financial reporting. The corporate charter authorizes the issuance of an unlimited number of common shares and preferred shares with a $ dividend. At the beginning of the opening account balances indicated that common shares had been issued for $ per share, and no preferred shares had been issued. Opening retained earnings were $ The transactions during the year were as follows:
Jan. Issued common shares at $ per share.
Feb. Issued preferred shares at $ per share.
Sept. Issued common shares in exchange for land valued at $
Oct. Declared and paid a dividend on preferred shares of $ per share.
Nov. Declared and paid a dividend on common shares of $ per share.
Nov. Purchased and retired preferred shares at $ per share.
Dec. After preliminary closing entries, the Income Summary account had a credit balance of $
a
Prepare journal entries to record the transactions above. List all debit entries before credit entries. 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 for the amounts. Record journal entries in the order presented in the problem.
Date
Account Titles and Explanation
Debit
Credit
choose a transaction date
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date: