Elmer's Incorporated has the following stock outstanding on Dec. 31, 2013: Ordinary Shares, P100 par, 100,000 shares authorized, P4, 500,000 March 10 Elmer's issued 1,000 shares for P195 per share. June 19 Elmer's sold 600 shared on accountfor P210 per share Oct 2 Elmer's collected 126,000from the subscription last June. Oct 15 Elmer's issued 700 shares in exchange for an equipment with a fair value of P95, 000 Dec 31 Collection of remaining balance of the subscription Required: Prepare the Journal Entry

Elmer's Incorporated has the following stock outstanding on Dec. 31, 2013: Ordinary Shares, P100 par, 100,000 shares authorized, P4, 500,000 March 10 Elmer's issued 1,000 shares for P195 per share. June 19 Elmer's sold 600 shared on accountfor P210 per share Oct 2 Elmer's collected 126,000from the subscription last June. Oct 15 Elmer's issued 700 shares in exchange for an equipment with a fair value of P95, 000 Dec 31 Collection of remaining balance of the subscription Required: Prepare the Journal Entry

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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