July 30 Advertising expense was paid by the corporation amounted to P5,000. Aug. 01 At the public auction, the following individuals' bids and the highest bidder pays the balance of the subscription plus advertising cost. Bidders No. of shares willing to receive Draco Malfoy 200 James Potter 250 Lord Voldemort 280 Aug. 02 The share certificate were issued. Required: 1. Journal entries in the book of the corporation. Use Memorandum Entry method. 2. Who will receive the share certificate and how many shares were issued to them? Show your solution.
July 30 Advertising expense was paid by the corporation amounted to P5,000. Aug. 01 At the public auction, the following individuals' bids and the highest bidder pays the balance of the subscription plus advertising cost. Bidders No. of shares willing to receive Draco Malfoy 200 James Potter 250 Lord Voldemort 280 Aug. 02 The share certificate were issued. Required: 1. Journal entries in the book of the corporation. Use Memorandum Entry method. 2. Who will receive the share certificate and how many shares were issued to them? Show your solution.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 9EB: Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction...
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