To raise capital for a new polo field, Santa Fe Polo Club offered shares of its common stock to club members on a subscription plan. Prepare journal entries in the club's accounting records to record the following transactions: Sept. 15 : Members subscribed to 30,000 shares of $2 par value common stock at a subscription price of $25 per share. Dec. 20: Collected $300,000 cash in full payment of 12,000 of the subscribed shares. Issued stock certificates for these shares.
To raise capital for a new polo field, Santa Fe Polo Club offered shares of its common stock to club members on a subscription plan. Prepare journal entries in the club's accounting records to record the following transactions: Sept. 15 : Members subscribed to 30,000 shares of $2 par value common stock at a subscription price of $25 per share. Dec. 20: Collected $300,000 cash in full payment of 12,000 of the subscribed shares. Issued stock certificates for these shares.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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To raise capital for a new polo field, Santa Fe Polo Club offered shares of its common stock to club
members on a subscription plan. Prepare
following transactions:
Sept. 15 : Members subscribed to 30,000 shares of $2 par value common stock at a subscription price
of $25 per share.
Dec. 20: Collected $300,000 cash in full payment of 12,000 of the subscribed shares. Issued stock
certificates for these shares.
Transcribed Image Text:Q10: To raise capital for a new polo field, Santa Fe Polo Club offered shares of its common stock to club
members on a subscription plan. Prepare journal entries in the club's accounting records to record the
following transactions:
Sept. 15 : Members subscribed to 30,000 shares of $2 par value common stock at a subscription price
of
$25 per share.
Dec. 20: Collected $300,000 cash in full payment of 12,000 of the subscribed shares. Issued stock
certificates for these shares.
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