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-servlets/LabServlet?ccid=11112 x Juc x + X-cell Inc. was authorized to issue an unlimited number of...

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Accounting

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-servlets/LabServlet?ccid=11112 x Juc x + X-cell Inc. was authorized to issue an unlimited number of common shares. During November 2014, their first month of operations, the following Ty selected transactions occurred: a. November 16: 6,000 common shares were issued in exchange for land valued at $6,000. Course b. November 20: Issued 10,000 common shares at $6.00 per share for cash. Correct c. November 24: Gave the corporation's promoters 8,000 common shares for their services in organizing the corporation. The directors valued 1 Intro the services at $28,000. 2 The d. November 29: 10,000 of the common shares were issued for a total of $65,000 cash. 3 Adju e. November 30: Closed the Income Summary account. An income of $55,000 was earned. 4 The 5 Acco 6 Assis a) Prepare journal entries for the above transactions, entering the transaction letter as the explanation, and the dates in the format dd/mmm, (ie. 15/Jan) 7 Cash 8 Long General Journal Page GJ5 9 Curry Date Account/Explanation F Debit Credit 10 Equ 11 Stat 12 Fing 13 Pro Glossa Mini Sp Exit Co + + - + L + - b) Prepare the equity section of the balance sheet of X-cell Inc. at November 30, 2014. X-cell Inc

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