Question 14 of 30What is likely the transaction if the following journal entry was prepared?DR Subscription Receivable-PreferenceCR Subscribed Share Capital-PreferenceCR Share Premium- PreferenceSelect the correct response:issuance of the share certificateO collection of subscriptionreceipt of subscriptionauthorization of share capital

Subscribed shares are common and preferred shares sold to investors or employees where they can make…

Answered: scription Receivable-Preference scribed…

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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Similar questions

What is prefences share captial? What is the journal entries mean?
When shares are issued fully payable on application, the journal entries to record the issue and allotment (assuming the minimum subscription is reached) are: Select one: a. Dr Cash Trust Cr Application Dr Cash Cr Cash trust b. Dr Cash Cr Application Dr Application Cr Share Capital c. Dr Cash Trust Cr Application Dr Application Cr Share capital Dr Cash Cr Cash Trust d. Dr Cash Cr Allotment Dr Allotment Cr Share capital
Subscriptions receivable from sale of shares which are not collectible currently shall be presented asRequired to answer. Single choice. a. current assets b. deduction from the related subscribed share capital in the shareholder's equity section c. long-term investment d. other asset.
Subscription receivable and other receivables from sale of shares which are collectible currently shall be presented as Choices; current assets deduction from the related subscribed share capital long-term investment other assets
The entry to record the reissuance of treasury shares above their original acquisition cost includes Select the correct response: a debit to share premium O a debit to retained earnings a credit to share premium a debit to both share premium and retained earnings
How should the excess of the issue price over the par value of the preference shares subscribed be recorded? Select the correct response: as Share Premium when the subscription is collected as a Revenue when the subscription price is collected as Retained Earnings when the subscription is received as Share Premium when the subscription is received
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Which of the following is issued to shareholders to acquired unissued or treasury shares within a specified tie period at a specified price?a. Share optionb. Share warrantc. Stock dividendd. Share subscription
Which of the following accounts represents an equity account? Question 9 options: Ordinary actions All of the above Share premium RND Preferential shares
When shares are subscribed, which of the following statements is/are correct? O A. A Shareholders' Equity account called Subscription Receivable is used to record the par-value of the shares issued. OB. The Share Capital account is credited when subscription contract is signed and a down payment is received. OC. The Share Premium account is credited when the subscription price is higher than the par value. O D. All of the above
An offering of shares to institutional investors at a discount to the current market price is known as a: Select one: a. Initial Public Offering (IPO). b. Private Placement c. Rights Issue d. Dividend Reinvestment Plan (DRP).

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scription Receivable-Preference scribed Share Capital-Preference re Premium- Preference the correct response: ssuance of the share certificate collection of subscription