Prepare the Necessary Journal Entry for Each of the Following

question 290

Essay

Prepare the necessary journal entry for each of the following transactions for Renfro Corporation.
(a) Issued 2,000 ordinary shares with a $5 par value for $16 per share.
(b) Issued 5,000 shares for land advertised for sale at $80,000. Renfro's shares are actively traded at a market price of $15 per share.

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Definitions:

Government Sector

The part of the economy that is controlled by the government, including all public services and governmental agencies.

Unionization

The process by which workers join together to form a union, a collective organization to negotiate higher wages, better working conditions, and other benefits with their employers.

Industrial Categories

The classification of industries or businesses based on common sectors, activities, or products, used for economic analysis and policy making.

Significant Wage Increases

Notable uplifts in employee pay rates, often occurring in response to factors like inflation, productivity improvements, or labor market dynamics.