Don't give answer in image format The following transactions took place at the newly organized Beatles Corporation:April 122530Jason-8,000 shares; Mathew-9,000 shares; Brando-7,000 shares2 Received subscriptions for ordinary shares at P 40 per share and collected a 20% down paymentfrom the following:May 1616Authorized to issue 50,000 preference shares, P 100 par value and 200,000 ordinary shares, P30 par value.1730Received subscriptions for preference shares at P 125 per share and collected a 30% downpayment from the following:Kent -30,000 shares; Maxine-25,000 sharesCollected another 30% of the subscription balance from the subscribers of preference shares.Kent paid his subscription in full and issued the stock certificate to him while Maxine paid 40%of her subscription.Jason and Mathew paid the balance of their subscription and the stock certificates were issuedto them.Brando had officially informed the corporation that he would not be able to pay his subscriptionbalance and was declared as delinquent and his shares were offered for sale at public auction.Paid P 5,000 as penses relative to delinquency sale.The following were the bidders:Ton-4,500 shares; Art-3,200 shares Drew -5,000 sharesCollected amount due from the highest bidder and issued the stock certificates.31 Maxine paid the balance of her subscription and issued the stock certificate to her.Required: Prepare journal entries to record the preceding transactions.

Subscription and Delinquency of Shares A way for a business to raise money. The general public is…

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Business

Accounting

Don't give answer in image format

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...

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