Homework Help is Here – Start Your Trial Now!
Business
Accounting
Use the same information given in problem 1. Present the shareholders' equity section of the statement of financial position of Good Harvest Corporation on February 28, 2021 using (1) the memorandum entry method the journal entry method (2)

Use the same information given in problem 1. Present the shareholders' equity section of the statement of financial position of Good Harvest Corporation on February 28, 2021 using (1) the memorandum entry method the journal entry method (2)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
2. 1. Good Harvest Corporation was incorporated on January 1, 2021, with authorized share capital of 300,000 shares at P20 par value. Record the transactions completed during the months of January and February using (1) the memorandum entry method (2) the journal entry method a. The incorporators subscribed to twenty five percent of the authorized share capital and paid 25% of the subscription price. b. Good Harvest issued 10,000 shares for cash at P22 per share. C. The corporation received subscription for 5,000 shares at P24 per share. Thirty percent of the subscription was collected and the balance is due on March 31, 2021. d. The incorporators in (a) paid the balance due on their subscriptions, and the share certificates were accordingly issued. Use the same information given in problem 1. Present the shareholders' equity section of the statement of financial position of Good Harvest Corporation on February 28, 2021 using (1) the memorandum entry method the journal entry method (2)
Transcribed Image Text:2. 1. Good Harvest Corporation was incorporated on January 1, 2021, with authorized share capital of 300,000 shares at P20 par value. Record the transactions completed during the months of January and February using (1) the memorandum entry method (2) the journal entry method a. The incorporators subscribed to twenty five percent of the authorized share capital and paid 25% of the subscription price. b. Good Harvest issued 10,000 shares for cash at P22 per share. C. The corporation received subscription for 5,000 shares at P24 per share. Thirty percent of the subscription was collected and the balance is due on March 31, 2021. d. The incorporators in (a) paid the balance due on their subscriptions, and the share certificates were accordingly issued. Use the same information given in problem 1. Present the shareholders' equity section of the statement of financial position of Good Harvest Corporation on February 28, 2021 using (1) the memorandum entry method the journal entry method (2)
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for stockholder's equity
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS