Prepare Journal Entries for the Following Transactions Reported by Evans $\$ 15$

question 169

Essay

Prepare journal entries for the following transactions reported by Evans Corporation for the month of May:
May 1 Issued 35,000 common shares at $\$ 15$ per share.
21 Issued 1,400 shares of $\$ 5$ , cumulative preferred shares for a total of $\$ 144,200$ .
28Exchanged 5,000 common shares for a patent valued at $\$82,000$ .
31Evans Corporation reported a net loss for May amounting to $\$ 10,500$ Prepare the entry to close the income summary account.
$$\begin{array} { | c | c | c | c | } \hline \text { Date } & \text { Accounts } & \text { Debit } & \text { Credit } \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline\end{array}$$

---

Definitions:

Review Only

A mode or permission setting in document sharing where users can view and comment but cannot edit the content of the document.

Confidential Information

Sensitive data that is protected from unauthorized access to safeguard privacy or secrecy.

Macro-enabled Document

A type of file that allows the embedding of scripts (macros) to automate repetitive tasks or calculations within document software.

Password

A sequence of characters used for user authentication to verify identity or access approval to gain access to a resource, which is to be kept secret from those not allowed access.