Bramble Inc. sells 1,420 common shares on a subscription basis at $66 per share on June 1 and accepts a 40 % down payment. On December 1, Bramble collects the remaining 60% and issues the shares.
Bramble Inc. sells 1,420 common shares on a subscription basis at $66 per share on June 1 and accepts a 40 % down payment. On December 1, Bramble collects the remaining 60% and issues the shares.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Bramble Inc. sells 1,420 common shares on a subscription basis at $66 per share on June 1 and accepts a 40% down payment. On
December 1, Bramble collects the remaining 60% and issues the shares.
Prepare the company's journal entries. (List all debit entries before credit entries. Credit account titles are automatically indented when the
amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Date
Account Titles and Explanation
(To record sale of shares on a subscription basis)
(To record collection of down payment)
(Collection of share subscriptions receivable)
(To record issuance of shares)
Debit
Credit
[[
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