On March 1, 2018, Plain, Inc. sold 40,000 shares of its P 30 par value Ordinary Share Capital on a subscription basis at P 50 per share. The corporation received a 30% down payment on the date of subscription. On March 10, 2018, the corporation collected the balance of the subscription and issued the certificates. Required: Prepare the journal entries to record above transactions.

On March 1, 2018, Plain, Inc. sold 40,000 shares of its P 30 par value Ordinary Share Capital on a subscription basis at P 50 per share. The corporation received a 30% down payment on the date of subscription. On March 10, 2018, the corporation collected the balance of the subscription and issued the certificates. Required: Prepare the journal entries to record above transactions.

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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