Sousa Caterers, Inc. completed the following transactions during its first year of operations: 8 Received subscriptions to 14,000 ordinary shares at P30 per share; collected 65% of the subscription price. May June 7 Subscribers to 14,000 ordinary shares paid an additional 20% of the subscription price. 6 Subscribers to 14,000 ordinary shares paid an additional 15% of the subscription price. Sousa Caterers, Inc. issued the 14,000 shares of July stock. Sept. 14 Received subscriptions to 4,300 ordinary shares at P32 per share; collected 60% of the subscription price.
Sousa Caterers, Inc. completed the following transactions during its first year of operations: 8 Received subscriptions to 14,000 ordinary shares at P30 per share; collected 65% of the subscription price. May June 7 Subscribers to 14,000 ordinary shares paid an additional 20% of the subscription price. 6 Subscribers to 14,000 ordinary shares paid an additional 15% of the subscription price. Sousa Caterers, Inc. issued the 14,000 shares of July stock. Sept. 14 Received subscriptions to 4,300 ordinary shares at P32 per share; collected 60% of the subscription price.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Required:
1.Prepare a memorandum entries to record the transactions.
Transcribed Image Text:following authorized capital:
Sousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulated the
Subscription of Shares
a 4,500 shares of preference shares, P110 par value
b. 42,000 shares of ordinary shares, P30 par value
Sousa Caterers, Inc. completed the following transactions during its first year of
operations:
8 Received subscriptions to 14,000 ordinary shares at P30 per share;
collected 65% of the subscription price.
May
June 7 Subscribers to 14,000 ordinary shares paid an additional 20% of the
subscription price.
July 6 Subscribers to 14,000 ordinary shares paid an additional 15% of the
subscription price. Sousa Caterers, Inc. issued the 14,000 shares of
stock.
Sept. 14 Received subscriptions to 4,300 ordinary shares at P32 per share;
collected 60% of the subscription price.
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