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Prepare journal entry to record transactions assuming urban

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Reference no: EM132604141

On January 1, 2021, Urban Faith Limited had 200,000 common shares issued at an average cost of $25 per share. During the year, the following transactions occurred:

May1        Issued 20,000 common shares for $470,000.

Jun1         Declared cash dividend of $3.50 per share to shareholders of record on June 15

Jun25       Issued 10,000 common shares for $260,000.

Jun30       Paid the cash dividend declared on June 1.

Profit for 2021 amounted to $885,000.

Instructions

Question 1: Prepare journal entries to record the above transactions assuming Urban Faith has a December 31 year end. Be sure to prepare the appropriate closing entries at December 31, 2021.

Reference no: EM132604141

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