Prepare journal entries of the following transactions of JulietCorporation applying:Exercise 4a. memorandum entry method, andb. journal entry method.1. February 1, 20xx; Juliet Corporation received its certificate of incorporation fromSEC. Juliet Corporation is authorized to issue 100,000 ordinary shares with parvalue of P100pershare.2. Sold for cash 27,000 shares at parvalue.StockholderNo. of SharesJuliet17,000 sharesRomeo2,500 sharesMa. Clara2,500 sharesIbarra2,500 sharesMaganda2,500 shares3. Issued 10,000 shares for Land received from Malakas. The fair market value ofthe land is P1,100,000.4. Received subscription for 8,000 shares at par from Josephine who made partialpayment of P125,000.5. Received full payment from Josephine.6. Received subscription for 5,000 shares at P102.50 per share from Jose who madepartial payment of 50%.7. Received 50% of the subscription contract from Jose.

Journal entries are prepared in the book in a systematic manner by adhering to the double-entry…

Answered: Exercise 4 Prepare journal entries of…

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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B6
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