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Journalize the transactions

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Question - Heuristic Solutions is authorized to issue an unlimited number of common shares and 50,000 preferred shares. During its first year (2019), the business completed the following share issuance transactions:

July 19: Issued 50,000 common shares for cash of $5 per share.

Oct 3: Issued 500, $1.50 preferred shares for $50,000 cash.

Oct 11: Received inventory valued at $20,000 and equipment with fair value of $10,000 for 5000 common shares. 

Requirements -

Journalize the transactions. Form the shareholders' equity section of Heuristic Solution's balance sheet. The ending balance of Retained Earnings is a deficit of $95,000.

Reference no: EM132907023

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