Sushi Corporation Received Its Charter and Began Business in 2020

Essay

Sushi Corporation received its charter and began business in 2020.The company was authorized to issue 100,000,$5,cumulative,preferred shares and 500,000 common shares.Prepare journal entries to record the following transactions that occurred during 2020:
$\begin{array}{|l|l|}\hline \text { Apr-05 }&\text { Sold 5, } 000 \text { common shares for } \$ 15 \text { per share. }\\\hline \text { May-14 } & \begin{array}{l}\text { Issued } 750 \text { common shares in exchange for legal services worth } \$ 11,250 \\\text { relating to organization of the corporation }\end{array} \\\hline \text {jun-23 } & \text { Sold } 250 \text { preferred shares for } \$ 24 \text { per share, cash. }\\\hline \end{array}$