Grate Expectations is a local cheese shop that sells 10,000 no par value common shares for $8 each on a subscription basis. Terms of the sale require the purchaser to pay $3 per share when the contract is signed and the balance in three months' time. Prepare the journal entry to record the issuance of the shares. Please round your final answer to the nearest dollar. Do not round intermediary answers. Do not use $ signs in your final answer. If any journal entries do not apply, enter 0. DR. Cash- Type your answer here

Grate Expectations is a local cheese shop that sells 10,000 no par value common shares for $8 each on a subscription basis. Terms of the sale require the purchaser to pay $3 per share when the contract is signed and the balance in three months' time. Prepare the journal entry to record the issuance of the shares. Please round your final answer to the nearest dollar. Do not round intermediary answers. Do not use $ signs in your final answer. If any journal entries do not apply, enter 0. DR. Cash- Type your answer here

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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PROBLEM 2: On February 14,2019, Hogwarts Marketing Inc. was authorized to issue 2,000 ordinary shares with a par value of P1,000 share. The next day, the corporation received 600 shares subscriptions from six incorporators as well as 25% paid-up capital. On March 1,2019, the remaining balance was paid in full and share certificates were issued to them. The preceding transactions were properly recorded in the books of the corporation. During the month of March, the foregoing transactions occurred:
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Problem One: Prepare proper journal entries for these transactions for Batman Industries Inc. The following activities regarding share subscriptions occurred during 2020 for Batman Industries Inc. July 1- Sold 1,000 subscriptions for common shares at $20 per share. Subscribers paid $5 per share on this date; $5 more per share is due on September 1. Subscribers who fail to make the second payment on September 1 get their deposit refunded. The final payment of the balance of $10 per share is due on December 1. Subscribers who fail to make the final payment forfeit the $10 per share they have paid. September 1 – 900 of the subscribed shares first payment were made. 100 were not made and qualified for the refund. Record the payments received and the refund made. December 1 – 800 final payments were received, 100 more did not make the payment and forfeited their first two payments. Record the payments received, the common shares issued, and the payments forfeited.
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Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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