Answered: ledger entries in the books

Business

Accounting

ledger entries in the books

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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Prepare journal entries to record this event under each of the following separate situations.
ABC Ltd was registered as a corporation on 1 July 2012. On 4 July 2012, ABC Ltd issued a prospectus offering 100 000 ordinary shares at an issue price of $2.50 each, payable $1.50 on application and $1.00 on allotment. Application closed on 1 August 2012 with the company having received applications for 110 000 shares. The shares were allotted on 15 August 2012, with the over-subscription amount being refunded to unsuccessful applicants. All allotment monies were received by 31 August 2012. Following the allotment, the amount transferred from the Cash Trust account to the Cash account would be: a. $150 000 b. $110 000 c. $100 000 d. $15 000
Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock, $100 par, and 200,000 shares of $25 par common stock. On Feb. 1 it had reacquired 500 shares of their own common stock at $32 per share. Indicate the account on Mar. 1 that should be recorded in the Description column of the Journal item (1) as the account to debit for the $17,500 assuming that Sunshine Corp. reissued 500 shares of the treasury stock at $35 per share and is using the cost method. JOURNAL page 32 date description p.ref. debit CREDIT Mar. 1 (1) $17,500 (2) ? (2) ? Group of answer choices Treasury Stock Paid-In Capital from Sale of Treasury Stock Cash Common Stock
ABS Corp. received subscriptions for 45,200 shares of $75 par value common stock at $105 per share. ABS required an initial payment of 35% of the subscription price. a) Record the journal entry for the initial transaction. b) What is the Journal entry at the time of the final payment?
Please answer option 1 and 2
Sedunia Berhad was incorporated on 1 July 2020. On 1 August, it decided to issue 300,000 ordinary shares on the following terms: Application RM1 per share Allotment RM2 per share Call as required RM1 per share To the end of August, applications for 350,000 shares had been received together with the application money due on each share. One applicant for 5,000 shares had forwarded RM20,000 in full payment of the shares. On 15 September, the directors proceeded to allot 300,000 ordinary shares on the following basis. Applicants for 30,000 shares were refunded their application money in full, 5,000 shares were allotted to the applicant who paid for the shares in full, and the other successful applicants were allotted the remaining shares, excess application money being transferred to allotment. On 7 October, all allotment money had been received. A first and final call was made on 1 November, and all call money was received by 30 November with the exception of the amount due on 6,000…
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Please explain .
ABC Ltd. issued a prospectus for inviting application from the public for 10,000 equity shares of" $ 10 each. The amounts were payable as follows: $3 on Application, $2 on Allotment & the balance as and when called. Applications were received for 12,000 shares & the allotment was made as follows: Full applications for 8,000 shares 2,000 shares shares to remaining applicants and the excess application money is to be adjusted towards allotment. totally reject applications for 2,000 shares Pass Journal entries in the books of the company assuming that all allotment money was received and the call was not made.
Alanae Inc issues 500 common shares to the organizers of its corporation to pay for their services valued at $5,000. What is included in the journal entry to record this transaction? O a. O b. C. O d. A debit to an asset account A credit to an expense account A credit to a liability account A credit to an equity account
ABC Ltd was registered as a corporation on 1 July 2012. On 4 July 2012, ABC Ltd issued a prospectus offering 100 000 ordinary shares at an issue price of $2.50 each, payable $1.50 on application and $1.00 on allotment. Application closed on 1 August 2012 with the company having received applications for 110 000 shares. The shares were allotted on 15 August 2012, with the over-subscription amount being refunded to unsuccessful applicants. All allotment monies were received by 31 August 2012. Following the allotment, the balance in the Share Capital account would be: Select one: a. $100 000 Credit b. $250 000 Credit c. $100 000 Debit d. $250 000 Debit