On January 1, 2014, Only You Merchandise Ltd

question 90

Essay

On January 1, 2014, Only You Merchandise Ltd. has 5,000 common shared issued for a total of $7,500, and no other shares or contributed capital. During 2014, Only You had the following transactions:
Jan 15 Issued 1,500 common shares for $1.50 each.
Mar 31 Settled an account for legal expenses by issuing 3,000 shares. The value of the legal services was $5,000.
Jun 30 Reacquired 1,700 shares for $2.00 each.
Sep 30 Issued 10,000 shares in exchange for equipment with a fair value of $22,500.
Instructions
a. Record the transactions.
b. Calculate the number and average price of common shares issued at the end of 2014.

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Definitions:

Professional Organizations

Groups or associations formed to support the interests and professional development of members in specific occupations or fields.

Paralegal

A legal assistant who performs tasks such as conducting legal research and preparing documents, while working under the supervision of a lawyer.

Definition

The precise meaning or explanation of a word, term, or concept, typically found in dictionaries or glossaries.

Legal Technician

A professional trained in specific areas of the law who provides legal advice and services without being a fully qualified lawyer.