Crane Ltd. offered to sell common shares on a subscription basis. Each subscription allowed for the purchase of 20 shares at a price of $52 per share. Terms of the subscription stated that subscribers were to pay 45% of the price as a down payment, with the remainder due in six months. On June 1, 2023, 180 subscriptions were sold. Six months later, on December 1, only 90 of the subscriptions were fully paid for. According to the subscription contract, the company would retain the down payment on any defaulted subscriptions. (a) Prepare the journal entries to record the above transactions. (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 Debit Credit

Crane Ltd. offered to sell common shares on a subscription basis. Each subscription allowed for the purchase of 20 shares at a price of $52 per share. Terms of the subscription stated that subscribers were to pay 45% of the price as a down payment, with the remainder due in six months. On June 1, 2023, 180 subscriptions were sold. Six months later, on December 1, only 90 of the subscriptions were fully paid for. According to the subscription contract, the company would retain the down payment on any defaulted subscriptions. (a) Prepare the journal entries to record the above transactions. (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 Debit Credit

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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