Prepare a Journal Entry for Each of the Following Transactions

question 131

Essay

Prepare a journal entry for each of the following transactions.
a_Masters Corporation sells 10,000 common shares for $13.25 per share.
b_Masters Corporation sells 5,000 shares of $5,cumulative preferred shares for $55 per share.
c_Received a building with a market value of $160,000,and issued 6,400 common shares in exchange.
d_Masters Corporation reports a net income for the current year of $56,000.Prepare the entry to close the income summary account.
$$\begin{array} { | c | c | c | c | } \hline \text { Date } & \text { Accounts } & \text { Debit } & \text { Credit } \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline\end{array}$$

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Definitions:

Political Connections

These are relationships between individuals or organizations and the political realm that can provide advantages in business or personal endeavors.

Managerial Ethics

Principles and standards governing the conduct of managers in their professional actions.

Corporate Social Responsibility

An approach in business aimed at fostering sustainable growth by ensuring economic, societal, and ecological gains for all parties involved.

Classical Writings

Historic documents, texts, or literature that have been recognized for their enduring significance, originality, and influence on culture or thought.