Exercise 3 June 1: Atletic Co. Ltd recorded an authorized capital of 200,000 shares with par or face value of $2. June 10: The Company issued 60% of the shares at their par value. June 15: Applications were invited for all the issued shares to be fully paid on application. June 25: The Company received applications for 150,000 shares. June 30: The Company refunded the excess applications received. Required Prepare the general journal entries to record the above transactions.

Exercise 3 June 1: Atletic Co. Ltd recorded an authorized capital of 200,000 shares with par or face value of $2. June 10: The Company issued 60% of the shares at their par value. June 15: Applications were invited for all the issued shares to be fully paid on application. June 25: The Company received applications for 150,000 shares. June 30: The Company refunded the excess applications received. Required Prepare the general journal entries to record the above transactions.

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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