Aylmer follows IFRS On January 1, 2021, Aylmer offered to sell some shares on a subscription basis. The offer was for fifty individuals to purchase 20 common shares each at $20 per share. 50% of the amount was to be paid on June 30, 2021. That transaction was recorded properly in the accounting records of Aylmer. The remaining amount will be received on June 30, 2022. NOTE - Review the trial balance. You should determine if an entry should be made or not and make the required entry(ies) as necessary Balance Sheet Figures 2020 2021 Preferred Shares $500,000 $500,000 Common Stock $1,000,000 $1,500,000 Common Stock Subscribed $0 $20,000 Retained Earnings $364,336 $1,232,597
Aylmer follows IFRS On January 1, 2021, Aylmer offered to sell some shares on a subscription basis. The offer was for fifty individuals to purchase 20 common shares each at $20 per share. 50% of the amount was to be paid on June 30, 2021. That transaction was recorded properly in the accounting records of Aylmer. The remaining amount will be received on June 30, 2022. NOTE - Review the trial balance. You should determine if an entry should be made or not and make the required entry(ies) as necessary Balance Sheet Figures 2020 2021 Preferred Shares $500,000 $500,000 Common Stock $1,000,000 $1,500,000 Common Stock Subscribed $0 $20,000 Retained Earnings $364,336 $1,232,597
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Aylmer follows IFRS
On January 1, 2021, Aylmer offered to sell some shares on a subscription basis. The offer was for fifty individuals to purchase 20 common shares each at $20 per share. 50% of the amount was to be paid on June 30, 2021. That transaction was recorded properly in the accounting records of Aylmer. The remaining amount will be received on June 30, 2022.
NOTE - Review the
|
|
2020 | 2021 | ||
| $500,000 | $500,000 | |||
| Common Stock | $1,000,000 | $1,500,000 | ||
| Common Stock Subscribed | $0 | $20,000 | ||
| $364,336 | $1,232,597 |
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