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 for the subsequent payment. 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 for the subsequent payment. 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Fill in the Blanks
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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 for the subsequent payment. 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
DR. Subscriptions receivable -
Type your answer here
DR. Common shares subscribed -
DR. Common shares -
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=
T
G
Fill in the Blanks
Type your answers in all of the blanks and submit
X₁
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 for the subsequent payment. 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
DR. Subscriptions receivable -
Type your answer here
DR. Common shares subscribed -
DR. Common shares -
S
4
F12
F5
^
6
Y
H
MacBook Air
<
F6
F7
Type your answer here
&
7
U
Type your answer here
J
*
8
DII
F8
K
(
9
F9
O
)
-O
F10
P
1
F11
{
+ 11
=
}
T
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