During Its First Year of Operations, Cole's Electronics Inc

question 163

Essay

During its first year of operations, Cole's Electronics Inc. completed the following transactions relating to shareholders' equity. The articles of incorporation authorize 5,000,000 shares of common stock with a par of $1 per share and 1,000,000 preferred shares with a par of $100 per share.
Required:
Record the above transactions in general journal form.

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Definitions:

Unbiased Processing

The objective evaluation and interpretation of information, without being influenced by personal prejudices or emotions.

Self-Efficacy

The belief in one’s capabilities to organize and execute the courses of action required to manage prospective situations.

Self-Regulation

The ability to manage one's thoughts, emotions, and behaviors in pursuit of long-term goals.

Vulnerable Narcissism

A form of narcissism characterized by sensitivity to criticism, insecurity, and an internal sense of grandiosity and entitlement.