Thomas Company is issuing 4 000 ordinary shares, payable by instalments. Investors must pay $10 per share on application, $5 per share on allotment and there will be a final call of $2 payable at a later date to be decided by directors. The journal entry to record the application will be: Select one: O a. Debit Bank Trust account, credit Application. O b. Debit Cash, credit Allotment. O c. Debit Cash, credit Ordinary share capital. O d. Debit Application, credit Bank Trust Account.

Thomas Company is issuing 4 000 ordinary shares, payable by instalments. Investors must pay $10 per share on application, $5 per share on allotment and there will be a final call of $2 payable at a later date to be decided by directors. The journal entry to record the application will be: Select one: O a. Debit Bank Trust account, credit Application. O b. Debit Cash, credit Allotment. O c. Debit Cash, credit Ordinary share capital. O d. Debit Application, credit Bank Trust Account.

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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