On May 1, 2019, Antonelli Corporation received a subscription from Angelina Paz for 700 shares of its $1 par-value common stock at a price of $28 a share. Paz made a payment of $14.00 per share on the stock at the time of the subscription. Prepare the journal entries to record receipt of the subscription and the cash payment. Prepare entries on June 1, 2019, to record payment of the balance of Paz's subscription and issuance of the stock. Journal entry worksheet • Record the receipt of the subscription.
On May 1, 2019, Antonelli Corporation received a subscription from Angelina Paz for 700 shares of its $1 par-value common stock at a price of $28 a share. Paz made a payment of $14.00 per share on the stock at the time of the subscription. Prepare the journal entries to record receipt of the subscription and the cash payment. Prepare entries on June 1, 2019, to record payment of the balance of Paz's subscription and issuance of the stock. Journal entry worksheet • Record the receipt of the subscription.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On May 1, 2019, Antonelli Corporation received a subscription from Angelina Paz for 700 shares of its $1 par-value
common stock at a price of $28 a share.
Paz made a payment of $14.00 per share on the stock at the time of the subscription.
Prepare the journal entries to record receipt of the subscription and the cash payment.
Prepare entries on June 1, 2019, to record payment of the balance of Paz's subscription and issuance of the stock.
Journal entry worksheet
• Record the receipt of the subscription.
Note: Enter debits before credits.
Date
May 01, 2019
. Record the cash payment.
Note: Enter debits before credits.
Date General Journal Debit Credit
May 01, 2019
General Journal Debit Credit
.
• Record the payment by Angelina Paz of balance due on stock subscription.
Note: Enter debits before credits.
Date
Jun 01, 2019
Date
Jun 01, 2019
General Journal Debit Credit
• Record the issuance of 700 shares of common stock to Angelina Paz.
.
Note: Enter debits before credits.
General Journal Debit Credit
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