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Sousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulated the following authorized capital:

Sousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulated the following authorized capital:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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. Received subscriptions to 4,300 ordinary shares at P32 per share; collected 60% of the subscription price. Sept. 14 Required: Prepare the journal entries. SLA camera
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. Received subscriptions to 4,300 ordinary shares at P32 per share; collected 60% of the subscription price. Sept. 14 Required: Prepare the journal entries. SLA camera
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