2. Twilight Co. has an authorized capitalization of P2,000,000 divided into 20,000 shares with par value per share of P100 Twilight Co. received a cash subscription for 5,000 shares at P120 per share on January 1, 20x1 and a subscription for 2,000 shares at P160 per share on January 31, 20x1. Requirement: Provide the journal entries.

2. Twilight Co. has an authorized capitalization of P2,000,000 divided into 20,000 shares with par value per share of P100 Twilight Co. received a cash subscription for 5,000 shares at P120 per share on January 1, 20x1 and a subscription for 2,000 shares at P160 per share on January 31, 20x1. Requirement: Provide the journal entries.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 7EB: Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the...

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Required: Prepare the journal entries to record above transactions.
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