8 Received subscriptions to 14,000 ordinary shares at P30 per share; collected 65% of the subscription price. May June 7 Subscribers to 14,000 ordinary shares paid an additional 20% of the subscription price. July 6 Subscribers to 14,000 ordinary shares paid an additional 15% of the subscription price. Sousa Caterers, Inc. issued the 14,000 shares of stock. Sept. 14 Received subscriptions to 4,300 ordinary shares at P32 per share; collected 60% of the subscription price. Required: Prepare the journal entries. 15 mera

8 Received subscriptions to 14,000 ordinary shares at P30 per share; collected 65% of the subscription price. May June 7 Subscribers to 14,000 ordinary shares paid an additional 20% of the subscription price. July 6 Subscribers to 14,000 ordinary shares paid an additional 15% of the subscription price. Sousa Caterers, Inc. issued the 14,000 shares of stock. Sept. 14 Received subscriptions to 4,300 ordinary shares at P32 per share; collected 60% of the subscription price. Required: Prepare the journal entries. 15 mera

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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Nebraska Inc. issues 3,000 shares of common stock for $45,000. The stock has a par value of $10 per share. The journal entry to record the stock issuance would include a credit to Common Stock for:
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California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $20 per share. Later in the year, the company decides to purchase 100 shares at a cost of $23 per share. Record the transaction if California Surf resells the 100 shares of treasury stock at $25 per share. Record the sale of treasury stock.
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Novak Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $125,000. a. b. Prepare the journal entry for the issuance when the market price of the common shares is $181 each and market price of the preferred is $226 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $220 per share.
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