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2. Your cooperative was authorized to issue 5 million common shares with a par value of Php. 10.00 and 2 million preferred shares with a par value of Php. 10.00 with a stated dividend of 6%. There were 50% subscription on the common share and 60% on the preferred share. 40% of the subscribed common shares and 80% of the preferred shares were paid. Further, a cooperative bought 50,000 common shares and 20,000 preferred shares for cash. Required: Journalize the transactions using both memorandum entry method (MEM) and the journal entry method (JEM).

2. Your cooperative was authorized to issue 5 million common shares with a par value of Php. 10.00 and 2 million preferred shares with a par value of Php. 10.00 with a stated dividend of 6%. There were 50% subscription on the common share and 60% on the preferred share. 40% of the subscribed common shares and 80% of the preferred shares were paid. Further, a cooperative bought 50,000 common shares and 20,000 preferred shares for cash. Required: Journalize the transactions using both memorandum entry method (MEM) and the journal entry method (JEM).

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. Your cooperative was authorized to issue 5 million common shares with a par value of Php. 10.00 and 2 million preferred shares with a par value of Php. 10.00 with a stated dividend of 6%. There were 50% subscription on the common share and 60% on the preferred share. 40% of the subscribed common shares and 80% of the preferred shares were paid. Further, a cooperative bought 50,000 common shares and 20,000 preferred shares for cash. Required: Journalize the transactions using both memorandum entry method (MEM) and the journal entry method (JEM).
Transcribed Image Text:2. Your cooperative was authorized to issue 5 million common shares with a par value of Php. 10.00 and 2 million preferred shares with a par value of Php. 10.00 with a stated dividend of 6%. There were 50% subscription on the common share and 60% on the preferred share. 40% of the subscribed common shares and 80% of the preferred shares were paid. Further, a cooperative bought 50,000 common shares and 20,000 preferred shares for cash. Required: Journalize the transactions using both memorandum entry method (MEM) and the journal entry method (JEM).
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