The DWMR Corporation was incorporated on March 1, 2021 with the followiee authorized share capital: Ordinary share, no-par, 20,000 shares Preference share, P100 par, 5,000 shares During the month, the following selected transactions took place: Mar. 1 1,000 preference shares were subscribed at P100 per share. The subscribers paid 30% of their subscriptions. 4 Issued 10,000 ordinary shares in exchange for the following: Cash P25,000 Building valued at 6 Stock certificate for 30 preference shares was issued to the lawyer in payment for P3,000 legal work. 21 The preference subscribers paid their subscriptions in full, certificates were issued. 30 2,000 ordinary shares were sold for cash at P120 per share. 80,000 equirement:
The DWMR Corporation was incorporated on March 1, 2021 with the followiee authorized share capital: Ordinary share, no-par, 20,000 shares Preference share, P100 par, 5,000 shares During the month, the following selected transactions took place: Mar. 1 1,000 preference shares were subscribed at P100 per share. The subscribers paid 30% of their subscriptions. 4 Issued 10,000 ordinary shares in exchange for the following: Cash P25,000 Building valued at 6 Stock certificate for 30 preference shares was issued to the lawyer in payment for P3,000 legal work. 21 The preference subscribers paid their subscriptions in full, certificates were issued. 30 2,000 ordinary shares were sold for cash at P120 per share. 80,000 equirement:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![The DWMR Corporation was incorporated on March 1, 2021 with the followine
authorized share capital:
Ordinary share, no-par, 20,000 shares
Preference share, P100 par, 5,000 shares
During the month, the following selected transactions took place:
Mar. 1 1,000 preference shares were subscribed at P100 per share. The
subscribers paid 30% of their subscriptions.
4 Issued 10,000 ordinary shares in exchange for the following:
Cash
P25,000
Building valued at
6 Stock certificate for 30 preference shares was issued to the lawyer in
payment for P3,000 legal work.
21 The preference subscribers paid their subscriptions in full, certificates
were issued.
30 2,000 ordinary shares were sold for cash at P120 per share.
80,000
Requirement:
Journalize the foregoing transactions using memorandum method.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff130222c-37de-494c-be16-0822fa96a574%2Ffdb6a361-fe11-4f30-bf8e-dcdbe16afe8b%2Fs4zg265_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The DWMR Corporation was incorporated on March 1, 2021 with the followine
authorized share capital:
Ordinary share, no-par, 20,000 shares
Preference share, P100 par, 5,000 shares
During the month, the following selected transactions took place:
Mar. 1 1,000 preference shares were subscribed at P100 per share. The
subscribers paid 30% of their subscriptions.
4 Issued 10,000 ordinary shares in exchange for the following:
Cash
P25,000
Building valued at
6 Stock certificate for 30 preference shares was issued to the lawyer in
payment for P3,000 legal work.
21 The preference subscribers paid their subscriptions in full, certificates
were issued.
30 2,000 ordinary shares were sold for cash at P120 per share.
80,000
Requirement:
Journalize the foregoing transactions using memorandum method.
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