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Sarasota Corporation, a private corporation, was organized on February 1, It is authorized to issue...

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Accounting

Sarasota Corporation, a private corporation, was organized on February 1, It is authorized to issue 88,800,$6 noncumulative preferred shares, and an unlimited number of common shares. The following transactions were completed during the first year: A) Journalize the transactions. b) open general ledger accounts and post to the shareholders equity accounts. C) Determine the number of shares issued and the average per share amount for both common and preferred shares. D) How many more shares is the company authorized to issue for each class of shares?
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