Prepare journal entries for the following transactions reported by Jet Corporation for the month of July: July 1 Issued 35,000 shares of no-par common stock at P15 per share. July 21 Issued 1,400 shares of P50 par, 10%, cumulative preferred stock for a total of P144,200. July 28 Exchanged 5,000 shares of common stock for a patent valued at P82,000. July 31 Jet Corporation reported a net loss for July amounting to P10,500. Prepare the entry to close the income summary account.

Prepare journal entries for the following transactions reported by Jet Corporation for the month of July: July 1 Issued 35,000 shares of no-par common stock at P15 per share. July 21 Issued 1,400 shares of P50 par, 10%, cumulative preferred stock for a total of P144,200. July 28 Exchanged 5,000 shares of common stock for a patent valued at P82,000. July 31 Jet Corporation reported a net loss for July amounting to P10,500. Prepare the entry to close the income summary account.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter12: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 4COP: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,...

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