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Journalize the transactions for welles corporation

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Reference no: EM132812334

Welles Corporation was organized on January 1, 2020. It is authorized to issue 20,000 6%, $40 par value preference shares, and 500,000 no-par ordinary shares with a stated value of $1 per share. The following share transactions were completed during the first year.

Jan. 10 Issued 80,000 ordinary shares for cash at $3 per share.
Mar. 1 Issued 10,000 preference shares for cash at $45 per share.
Apr. 1 Issued 25,000 ordinary shares for land. The asking price of the land was $90,000. The company's estimate of fair value of the land was $75,000.
May 1 Issued 75,000 ordinary shares for cash at $4 per share.
Aug. 1 Issued 10,000 ordinary shares to attorneys in payment of their bill for $44,000 for services provided in helping the company organize.
Sept. 1 Issued 5,000 ordinary shares for cash at $6 per share.
Nov. 1 Issued 2,000 preference shares for cash at $48 per share.

Instructions:

Problem 1: Journalize the transactions

Reference no: EM132812334

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