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

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

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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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
Transcribed Image Text: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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