MJMR Corporation was authorized by its charter granted April 1, 2022 to issue 15,000 ordinary shares, par value P30. The following were the capital stocks transactions for month of April. transactions Apr 1 4 12 15 20 25 28 Incorporators subscribed a total of 4,000 shares at par, all of them paid 25% downpayment. Mr. Santos subscribed 1,000 shares at P33 per share, paying 50% downpayment. Issued 1,000 shares in exchange for a furniture and fixtures with a fair market value of P35,000. Collected in full subscription of the incorporators on April 1. Reacquired 400 shares of its P30 par value shares at P35 per share from incorporators. All reacquired shares subsequently sold at P36. Issued 2,000 shares shares for P65,000 cash. Requirement: Journalize the foregoing transactions. Use memorandum entry method.
MJMR Corporation was authorized by its charter granted April 1, 2022 to issue 15,000 ordinary shares, par value P30. The following were the capital stocks transactions for month of April. transactions Apr 1 4 12 15 20 25 28 Incorporators subscribed a total of 4,000 shares at par, all of them paid 25% downpayment. Mr. Santos subscribed 1,000 shares at P33 per share, paying 50% downpayment. Issued 1,000 shares in exchange for a furniture and fixtures with a fair market value of P35,000. Collected in full subscription of the incorporators on April 1. Reacquired 400 shares of its P30 par value shares at P35 per share from incorporators. All reacquired shares subsequently sold at P36. Issued 2,000 shares shares for P65,000 cash. Requirement: Journalize the foregoing transactions. Use memorandum entry method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Requirement: Journalize the foregoing transactions. Use memorandum entry method.
Transcribed Image Text:Exercises
MJMR Corporation was authorized by its charter granted April 1, 2022 to issue 15,000 ordinary shares,
par value P30. The following were the capital stocks transactions for month of April.
Apr 1
4
Incorporators subscribed a total of 4,000 shares at par, all of
them paid 25% downpayment.
Mr. Santos subscribed 1,000 shares at P33 per share, paying
50% downpayment.
Issued 1,000 shares in exchange for a furniture and fixtures
with a fair market value of P35,000.
12
15
20
25
All reacquired shares subsequently sold at P36.
28 Issued 2,000 shares shares for P65,000 cash.
Collected in full subscription of the incorporators on April 1.
Reacquired 400 shares of its P30 par value shares at P35 per
share from incorporators.
Requirement: Journalize the foregoing transactions. Use memorandum entry method.
D
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