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

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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