Gabrial Ltd

question 106

Essay

Gabrial Ltd. was incorporated February 1, 2014 and is authorized to issue an unlimited number of preferred and common shares. The company entered into the following transactions during the year:
Feb 10 Issued 30,000 common shares for $2.30 per share.
Feb 21 Issued 4,000 common shares to the company's accountants as payment for a bill of $18,000 for services performed in helping the company to incorporate.
Mar 16 Issued 1,000 preferred shares for $95 per share.
Sep 10 Reacquired 3,000 common shares for $1.75 per share.
Instructions
Prepare the journal entries to record the above transactions.

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Definitions:

Transformational Leadership

Is a style of leadership where the leader works with teams to identify needed change, creating a vision to guide the change through inspiration, and executing the change in tandem with committed members of a group.

Charismatic

Possessing a special magnetic charm or appeal that inspires devotion or enthusiasm in others.

Autocratically Led Groups

Groups that are directed by a single leader who makes decisions unilaterally, without input from group members.

Laissez-Faire

A leadership or management style characterized by a hands-off approach, allowing individuals or teams to make decisions and solve problems independently.