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QUESTION
Prepare the general journal entries that are needed to record the transactions of Transformer Ltd. Issued 100 000 shares for $200 000.
Prepare the general journal entries that are needed to record the transactions of Transformer Ltd.
1. Issued 100 000 shares for $200 000.
2. The board of directors declared a cash dividend of 50c per share.
3. The cash dividend declared in (2) above was paid.
4. Close the Profit or Loss Summary account which has a credit balance of $23 840.
