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Make a journal entry for each of the transactions

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Reference no: EM132731057

Problem 1: a journal entry for each of the following transactions.

a) Taste Good Ltd. issues 10,000 ordinary shares for $13.25 per share.

b) Taste Good Ltd. issues 5,000 cumulative preference shares for $55 per share.

c) Received a building with a market value of $160,000, and issued 6,400 ordinary shares in exchange.

d) Taste Good Ltd. reports a profit for the current year of $56,000. Prepare the entry to close the income summary account.

Reference no: EM132731057

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