The Delta Sunrise Corporation is incorporated under the laws of Mississippi. The certificate of incorporation shows that the company is authorized to issue 75,000 shares of 10%, $40 par preferred stock and 125,000 shares of $10 pa common stock. Following is a narrative of selected transactions completed during the first month after incorporation. Prepare the appropriate journal entries. Aug. 1 At the first meeting of the incorporators, subscriptions for 30,000 shares of common stock at $12 per share were accepted. 4 Received a payment of $150,000 on the common stock subscription. 26 Received the balance in full for the common stock subscription and issued the stock certificates
The Delta Sunrise Corporation is incorporated under the laws of Mississippi. The certificate of incorporation shows that the company is authorized to issue 75,000 shares of 10%, $40 par
Aug. 1 At the first meeting of the incorporators, subscriptions for 30,000 shares of common stock at $12 per share were accepted.
4 Received a payment of $150,000 on the common stock subscription.
26 Received the balance in full for the common stock subscription and issued the stock certificates.
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