ACC 537 STUDY Extraordinary Success/acc537study.com ACC 537 STUDY Extraordinary Success/acc537study.c | Page 12

Instructions Heading each page with the name of the company,
balance sheet date, and a brief description of the problem, write a brief
narrative for above issues in the form of a memorandum to be
incorporated in the audit work papers. Explain what led to the
discovery of each problem, what the problem really is, and what you
advised your client to do (along with any appropriate journal entries)
in order to bring these contingencies in accordance with GAAP.
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ACC 537 Week 4 Textbook Problem P15 4, E21 2
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P15-4 (Stock Transactions—Lump Sum) Seles Corporation’s charter
authorized issuance of 100,000 shares of $10 par value common stock
and 50,000 shares of $50 preferred stock. The following transactions
involving the issuance of shares of stock were completed. Each
transaction is independent of the others.