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:

Research Facility

A dedicated space equipped for scientific experiments, studies, and investigation.

Sanctuary

A safe space, often designated for the protection of wildlife or a place of refuge and safety for people.

Tool Use

The ability to employ objects or implements to perform tasks, which can enhance efficiency, precision, and effectiveness, observed in both humans and some animal species.

Chimpanzees

A species of great ape native to the forests and savannahs of tropical Africa, known for their social behaviors and being closely related to humans.