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Make the journal entries for the given transactions

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Sunny Sails was incorporated on January 1, 2018 and was authorized under its charter to issue the following shares 25,000 non-cumulative, non-voting 5% preferred shares and an unlimited number of no par-value voting common shares.

Make the Journal entries for the following transactions:

a. Issued 4,000 preferred shares for $7 cash each on January 3, 2018.

b. Issued 2,500 common shares for $1 cash each on January 3, 2018.

c. Issued 5,000 preferred shares for $6 cash each on January 14, 2018.

d. Issued 1,500 common shares for $2 cash each on August 2, 2018.

e. Issued 750 preferred shares for equipment valued at $11,250 on December 20, 2018.

Reference no: EM132246477

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