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 on the date of the contract signing. Please round your final answer to the nearest dollar. Do not round intermediary answers. Do not use $ signs in your final answer. If any accounts listed below do not apply, enter $0. DR. Cash- Type your answer here DR. Subscriptions receivable - Type your answer here CR. Common shares subscribed - 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 on the date of the contract signing. Please round your final answer to the nearest dollar. Do not round intermediary answers. Do not use $ signs in your final answer. If any accounts listed below do not apply, enter $0. DR. Cash- Type your answer here DR. Subscriptions receivable - Type your answer here CR. Common shares subscribed - Type your answer here
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 19E
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Homework Unanswered Due Today, 6:00 PM
Fill in the Blanks
Type your answers in all of the blanks and submit
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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 on the date of the contract signing. Please round your final answer to the nearest
dollar. Do not round intermediary answers. Do not use $ signs in your final answer. If any accounts listed below
do not apply, enter $0.
DR. Cash- Type your answer here
DR. Subscriptions receivable -
Type your answer here
CR. Common shares subscribed -
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Transcribed Image Text:2
%
5
T
G
B
Homework Unanswered Due Today, 6:00 PM
Fill in the Blanks
Type your answers in all of the blanks and submit
X₂ X²
Ω·
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 on the date of the contract signing. Please round your final answer to the nearest
dollar. Do not round intermediary answers. Do not use $ signs in your final answer. If any accounts listed below
do not apply, enter $0.
DR. Cash- Type your answer here
DR. Subscriptions receivable -
Type your answer here
CR. Common shares subscribed -
MacBook Air
O
F6
F7
F11
F12
&
7 7 8
U
6
<
H
N
J
Type your answer here.
DII
F8
* 00
M
1
K
(
9
<
DD
о
)
O
L
F10
P
:
{
[
+ 11
=
?
1
11
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