What journal entry may result for the following using memorandum entry? * On January 1, 2011, AM PNGET Co. received authorization from the SEC to issue share capital of P2.000,0000 divided into 20,000 shares with par value per share of P100. Of the total authorized share capital, 25% was subscribed at par value and 25% of the total subscription was paid at subscription date. On February 1, 2011, AM PNGET Co received full payment for 4,000 subscribed shares and issued the related share certificates. On February 28, 20x1, AM PNGET Co received cash subscription for 2,000 shares at par value. no journal entry, only memo entry for all transactions Debit Unissued Share Capital of 2,000,000 O Debit Cash 200,000 Credit Unissued Capital 200,000
What journal entry may result for the following using memorandum entry? * On January 1, 2011, AM PNGET Co. received authorization from the SEC to issue share capital of P2.000,0000 divided into 20,000 shares with par value per share of P100. Of the total authorized share capital, 25% was subscribed at par value and 25% of the total subscription was paid at subscription date. On February 1, 2011, AM PNGET Co received full payment for 4,000 subscribed shares and issued the related share certificates. On February 28, 20x1, AM PNGET Co received cash subscription for 2,000 shares at par value. no journal entry, only memo entry for all transactions Debit Unissued Share Capital of 2,000,000 O Debit Cash 200,000 Credit Unissued Capital 200,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:What journal entry may result for the
following using memorandum entry? *
On January 1, 2011, AM PNGET Co. received authorization from the SEC to issue share capital
of P2,000,0000 divided into 20,000 shares with par value per share of P100. Of the total
authorized share capital, 25% was subscribed at par value and 25% of the total subscription was
paid at subscription date. On February 1, 2011, AM PNGET Co received full payment for 4,000
subscribed shares and issued the related share certificates. On February 28, 20x1, AM PNGET Co
received cash subscription for 2,000 shares at par value.
no journal entry, only memo entry for all
transactions
Debit Unissued Share Capital of
2,000,000
Debit Cash 200,000
Credit Unissued Capital 200,000
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