During Its First Year of Operations,Criswell Inc

question 19

Essay

During its first year of operations,Criswell Inc.completed the following transactions relating to shareholders' equity.
January 5: Issued 300,000 of its common shares for $8 per share and 3,000 preferred shares at $110.
February 12: Issued 50,000 shares of common stock in exchange for equipment with a known cash price of $310,000.
The articles of incorporation authorize 5,000,000 shares with a par value of $1 per share of common 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:

Buffer

A protective barrier or amount of leeway that allows for the absorption of shocks, errors, or unforeseen circumstances in various contexts.

Identifies

The action of recognizing and naming someone or something as being a particular person or thing.

Third Person

A point of view in writing or storytelling where the narrator refers to all characters with third-person pronouns such as "he," "she," "it," or "they."

Second Person

A narrative perspective using "you," which directly addresses the reader or audience in a piece of writing or speech.