Question

Berlin Corporation was organized on January 1, 2020, with 400,000 no par value common shares authorized. During 2020, the corporation had the following share transactions:

           Jan 5             Issued 150,000 shares at $ 10 per share

           Apr 6             Issued 50,000 shares at $ 12 per share

           Jun 8            Issued 50,000 shares at $ 14 per share

           Jul 28 Repurchased 20,000 shares at $ 11 per share and cancelled them

   Dec 31 Issued 20,000 shares at $ 18 per share

Provide the journal entries required for these transactions for 2020.

Answer 1

Date	Account Titles	Debit $	Credit $
Jan.5,2020	Cash	1,500,000
	Common Share (150,000 x 10 )		1,500,000
Apr.6,2020	Cash	600,000
	Common Share (50,000 x 12 )		600,000
June.8,2020	Cash	700,000
	Common Share (50,000 x 14 )		700,000
Jul.28,2020	Common Shares	220,000
	Cash ( 20,000 x 11 )		220,000
Dec.31,2020	Cash	360,000
	Common Share (20,000 x 18 )		360,000