Jan. 1 Issued for cash 62,500 preference shares at par, and 125,000 ordinary shares f 250,000 shares of P100 par value 10% preference share capital and 500,000 shares of a The Integrity Corporation was incorporated on January 1, 2014 with authorized capital Exercise 8 - 1 (Issuance of Par Value S stated value ordinary share capital. The shares were issued during 2014 as follows P25. May 1 Issued for cash 25,000 preference shares for P3,000,000. Dec. 1 Issued for cash 25,000 ordinary shares for P600,000. Instructions: Prepare the journal entries to record the foregoing transactions, includine authorized share capital, assuming the use of: a. memorandum entry method. b. journal entry method
Jan. 1 Issued for cash 62,500 preference shares at par, and 125,000 ordinary shares f 250,000 shares of P100 par value 10% preference share capital and 500,000 shares of a The Integrity Corporation was incorporated on January 1, 2014 with authorized capital Exercise 8 - 1 (Issuance of Par Value S stated value ordinary share capital. The shares were issued during 2014 as follows P25. May 1 Issued for cash 25,000 preference shares for P3,000,000. Dec. 1 Issued for cash 25,000 ordinary shares for P600,000. Instructions: Prepare the journal entries to record the foregoing transactions, includine authorized share capital, assuming the use of: a. memorandum entry method. b. journal entry method
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![1 Issued for cash 62,500 preference shares at par, and 125,000 ordinary shares f
The Integrity Corporation was incorporated on January 1, 2014 with authorized capital
250,000 shares of P100 par value 10% preference share capital and 500,000 shares of P
Chapter 8- Organization and Formation of a
Corporation
314
Chapter 8
EXERCISES
Exercise
Exercise 8 -1 (Issuance of Par Value Share Capital for Cash)
The Sec
shares c
share.
stated value ordinary share capital. The shares were issued during 2014 as follows
Instruc
of the
Jan.
indeper
P25.
May 1 Issued for cash 25,000 preference shares for P3,000,000.
1.
2.
3.
Dec. 1 Issued for cash 25,000 ordinary shares for P600,000.
Exerci
Consic
Instructions: Prepare the journal entries to record the foregoing transactions, including
authorized share capital, assuming the use of:
a. memorandum entry method.
b. journal entry method
The Ju
a state
capita.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F35345e53-801a-4522-9422-da6366c4897e%2Fcc5c4ae5-d4ba-4a56-9cde-30741edc531d%2Fz6jaryj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1 Issued for cash 62,500 preference shares at par, and 125,000 ordinary shares f
The Integrity Corporation was incorporated on January 1, 2014 with authorized capital
250,000 shares of P100 par value 10% preference share capital and 500,000 shares of P
Chapter 8- Organization and Formation of a
Corporation
314
Chapter 8
EXERCISES
Exercise
Exercise 8 -1 (Issuance of Par Value Share Capital for Cash)
The Sec
shares c
share.
stated value ordinary share capital. The shares were issued during 2014 as follows
Instruc
of the
Jan.
indeper
P25.
May 1 Issued for cash 25,000 preference shares for P3,000,000.
1.
2.
3.
Dec. 1 Issued for cash 25,000 ordinary shares for P600,000.
Exerci
Consic
Instructions: Prepare the journal entries to record the foregoing transactions, including
authorized share capital, assuming the use of:
a. memorandum entry method.
b. journal entry method
The Ju
a state
capita.
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