Answer in a memorandom entry following authorized capital:Sousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulated theSubscription of Sharesa 4,500 shares of preference shares, P110 par valueb. 42,000 shares of ordinary shares, P30 par valueSousa Caterers, Inc. completed the following transactions during its first year ofoperations:8 Received subscriptions to 14,000 ordinary shares at P30 per share;collected 65% of the subscription price.MayJune 7 Subscribers to 14,000 ordinary shares paid an additional 20% of thesubscription price.July 6 Subscribers to 14,000 ordinary shares paid an additional 15% of thesubscription price. Sousa Caterers, Inc. issued the 14,000 shares ofstock.Received subscriptions to 4,300 ordinary shares at P32 per share;collected 60% of the subscription price.Sept. 14Required: Prepare the journal entries.SLAcamera

A journal entry is that the method used to record all individual financial transactions made by an…

cubscription ofT Shares ousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulate llowing authorized capital: a 4,500 shares of preference shares, P110 par value b. 42,000 shares of ordinary shares, P30 par value nusa Caterers, Inc. completed the following transactions during its first ye perations: 8 Received subscriptions to 14,000 ordinary shares at P30 per sha collected 65% of the subscription price. June 7 Subscribers to 14,000 ordinary shares paid an additional 20% of May subscription price. 6 Subscribers to 14,000 ordinary shares paid an additional 15% of subscription price. Sousa Caterers, Inc. issued the 14,000 share stock. ocoivod suhscriptions to 4,300 ordinary shares at P32 per sh. July

cubscription ofT Shares ousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulate llowing authorized capital: a 4,500 shares of preference shares, P110 par value b. 42,000 shares of ordinary shares, P30 par value nusa Caterers, Inc. completed the following transactions during its first ye perations: 8 Received subscriptions to 14,000 ordinary shares at P30 per sha collected 65% of the subscription price. June 7 Subscribers to 14,000 ordinary shares paid an additional 20% of May subscription price. 6 Subscribers to 14,000 ordinary shares paid an additional 15% of subscription price. Sousa Caterers, Inc. issued the 14,000 share stock. ocoivod suhscriptions to 4,300 ordinary shares at P32 per sh. July

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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