On January 1, 2020, Aylmer offered to sell some shares on a subscription basis. The offer was for fifty individuals to purchase 20 common shares each at $20 per share. 50% of the amount was to be paid on June 30, 2020. That transaction was recorded properly in the accounting records of Aylmer. The remaining amount will be received on June 30, 2021. NOTE - There is not a spreadsheet in the Excel file. Review the trial balance. You should determine if an entry should be made or not and make the required entry(ies) as necessary in the Excel tab labelled “Journal Entries” Stock Subscription Receivable - 10,000
On January 1, 2020, Aylmer offered to sell some shares on a subscription basis. The offer was for fifty individuals to purchase 20 common shares each at $20 per share. 50% of the amount was to be paid on June 30, 2020. That transaction was recorded properly in the accounting records of Aylmer. The remaining amount will be received on June 30, 2021. NOTE - There is not a spreadsheet in the Excel file. Review the trial balance. You should determine if an entry should be made or not and make the required entry(ies) as necessary in the Excel tab labelled “Journal Entries” Stock Subscription Receivable - 10,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Shares Sold – Subscription Basis
On January 1, 2020, Aylmer offered to sell some shares on a subscription basis. The offer was for fifty individuals to purchase 20 common shares each at $20 per share. 50% of the amount was to be paid on June 30, 2020. That transaction was recorded properly in the accounting records of Aylmer. The remaining amount will be received on June 30, 2021.
NOTE - There is not a spreadsheet in the Excel file. Review the
| Stock Subscription Receivable | - | 10,000 |
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