Tube You Corporation (TYC) has been authorized to issue 125,000 shares of P10 par value ordinary shares. The following 2022 transactions relate to the initial share issuances: Jan 1 TYC sold subscriptions for 25,000 shares. The shares have a subscription price of P15 per share. One-third of the subscription price was received as down payment. Jan 15 TYC sold 10,000 shares for P180,000. Feb. 1 An instalment amounting to one-third of the subscription price was received. Feb. 19 TYC exchanged 200 shares for a new two-way radio system having a fair market value of P3,800. Mar. 1 The final one-third of the subscription price was received, and the stock certificates were issued. Required: Prepare the jounal entries

Tube You Corporation (TYC) has been authorized to issue 125,000 shares of P10 par value ordinary shares. The following 2022 transactions relate to the initial share issuances: Jan 1 TYC sold subscriptions for 25,000 shares. The shares have a subscription price of P15 per share. One-third of the subscription price was received as down payment. Jan 15 TYC sold 10,000 shares for P180,000. Feb. 1 An instalment amounting to one-third of the subscription price was received. Feb. 19 TYC exchanged 200 shares for a new two-way radio system having a fair market value of P3,800. Mar. 1 The final one-third of the subscription price was received, and the stock certificates were issued. Required: Prepare the jounal entries

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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