ScoreOn January 5, 2021, MMC Corporation was authorized to issue 100,000 ordinaryshares at P20 par value. The following are the corporation's capital stocktransactions:Jan. 5 Five incorporators subscribed 25,000 shares each at par, paying25% down payment.6 Received 10,000 shares subscriptions at par.8 Issued 2,000 shares at P21 per share for cash.13 Collected in full the subscriptions in 6th.14 Received a piece of land in exchange of 30,000 shares issued.The fair value of the land is P650,000.15 Issued 100 shares to the lawyer in payment for his legal workvalued at P2,000.17 Collected one-half of the balance of the incorporators'subscriptions.20 Subscriptions for 1,000 shares at par was received, 10%downpayment paid.25 Collected in full the incorporators' subscriptions.31 Collected 25% of the subscription balance on the 20th.Requirement:Journalize the foregoing transactions including issuance of certificates using:1. Memorandum method2. Journal entry method

Memo entry is a function that does not contain items posted in the general manual. These entries are…

Answered: Requirement: Journalize the foregoing…

Requirement: Journalize the foregoing transactions including issuance of certificates using: 1. Memorandum method ( method try

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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Question

Score
On January 5, 2021, MMC Corporation was authorized to issue 100,000 ordinary
shares at P20 par value. The following are the corporation's capital stock
transactions:
Jan. 5 Five incorporators subscribed 25,000 shares each at par, paying
25% down payment.
6 Received 10,000 shares subscriptions at par.
8 Issued 2,000 shares at P21 per share for cash.
13 Collected in full the subscriptions in 6th.
14 Received a piece of land in exchange of 30,000 shares issued.
The fair value of the land is P650,000.
15 Issued 100 shares to the lawyer in payment for his legal work
valued at P2,000.
17 Collected one-half of the balance of the incorporators'
subscriptions.
20 Subscriptions for 1,000 shares at par was received, 10%
downpayment paid.
25 Collected in full the incorporators' subscriptions.
31 Collected 25% of the subscription balance on the 20th.
Requirement:
Journalize the foregoing transactions including issuance of certificates using:
1. Memorandum method
2. Journal entry method

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