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

question 56

Essay

During its first year of operations,Cole's Electronics Inc.completed the following transactions relating to shareholders' equity.
January 5: Issued 1,000,000 shares of common stock for $25 per share.
February 12: Issued 20,000 shares of common stock to accountants for $500,000 of professional services.
The articles of incorporation authorize 5,000,000 shares of common stock with a par value of $1 per share and 1,000,000 preferred shares with a par value of $100 per share.
Required:
Record the above transactions in general journal form.

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Definitions:

Cerebellum

A region of the brain that plays an important role in motor control, coordination, and balance.

Pons

A part of the brain located in the brainstem, playing crucial roles in regulating breathing, communication between different parts of the brain, and sensations such as hearing, taste, and balance.

Thalamus

A structure in the brain that acts as a relay station, transmitting sensory and motor signals to the cerebral cortex.

Reticular Formation

A network of neurons located in the brainstem that is involved in consciousness, sleep-wake cycles, and filtering incoming stimuli to focus attention.