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Required: Prepare the journal entries to record above transactions.

Required: Prepare the journal entries to record above transactions.

FINANCIAL ACCOUNTING
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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Required: Prepare the journal entries to record above transactions.
E. Marvel Corporation was authorized to issue 100,000 ordinary shares with a stated value of P 20. The following transactions have taken place in relation to the share capital: Aug 1 Received subscriptions for 25,000 shares at 30 receiving a 40% down payment. 5 Received balance due from subscribers of 10,000 shares and issued the certificates to the subscribers. 12 Received balance due from subscribers of 12,000 shares and issued the certificates to the subscribers. 20 The subscriber of the remaining shares failed to pay his delinquency and was declared delinquent. 21 Paid delinquency sale of P 15,000 25 Received payment from the highest bidder and issued the certificates.
Transcribed Image Text:E. Marvel Corporation was authorized to issue 100,000 ordinary shares with a stated value of P 20. The following transactions have taken place in relation to the share capital: Aug 1 Received subscriptions for 25,000 shares at 30 receiving a 40% down payment. 5 Received balance due from subscribers of 10,000 shares and issued the certificates to the subscribers. 12 Received balance due from subscribers of 12,000 shares and issued the certificates to the subscribers. 20 The subscriber of the remaining shares failed to pay his delinquency and was declared delinquent. 21 Paid delinquency sale of P 15,000 25 Received payment from the highest bidder and issued the certificates.
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