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FINANCIAL ACCOUNTING
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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The following transactions took place at the newly organized Beatles Corporation: April 1 2 25 30 Jason-8,000 shares; Mathew-9,000 shares; Brando-7,000 shares 2 Received subscriptions for ordinary shares at P 40 per share and collected a 20% down payment from the following: May 16 16 Authorized to issue 50,000 preference shares, P 100 par value and 200,000 ordinary shares, P 30 par value. 17 30 Received subscriptions for preference shares at P 125 per share and collected a 30% down payment from the following: Kent -30,000 shares; Maxine-25,000 shares Collected 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 issued to them. Brando had officially informed the corporation that he would not be able to pay his subscription balance 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 shares Collected 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.
Transcribed Image Text:The following transactions took place at the newly organized Beatles Corporation: April 1 2 25 30 Jason-8,000 shares; Mathew-9,000 shares; Brando-7,000 shares 2 Received subscriptions for ordinary shares at P 40 per share and collected a 20% down payment from the following: May 16 16 Authorized to issue 50,000 preference shares, P 100 par value and 200,000 ordinary shares, P 30 par value. 17 30 Received subscriptions for preference shares at P 125 per share and collected a 30% down payment from the following: Kent -30,000 shares; Maxine-25,000 shares Collected 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 issued to them. Brando had officially informed the corporation that he would not be able to pay his subscription balance 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 shares Collected 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.
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