Question

On May 1, Page Corporation incorporated and authorized 181,000 preferred shares and an unlimited number of common shares. On May 2, Page issued 2,100 common shares for $16 per share. On June 15, it issued an additional 900 common shares for $18 per share. On November 1, Page issued 220 preferred shares for $27 per share. On December 15, it issued an additional 220 preferred shares for $35 per share. Record the share transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit

Answer 1

Answer
Journal entries
Date	account and explanation	Debit	credit
May-02	Cash	$     33,600		2100*16
	Common Stock		$     33,600
Jun-15	Cash	$     16,200		900*18
	Common Stock		$     16,200
Nov-01	Cash	$       5,940		220*27
	Preferred stock		$       5,940
Dec-15	Cash	$       7,700		220*35
	Preferred stock		$       7,700

b)
	Number of share authorized	Number of share issued
Preferred shares	$                    181,000	220*2 = 440
Common Shares	Unlimited	2100+900 = 3000