When shares are issued fully payable on application, the journal entries to record the issue and allotment (assuming the minimum subscription is reached) are: Select one: a. Dr Cash Trust Cr Application Dr Cash Cr Cash trust b. Dr Cash Cr Application Dr Application Cr Share Capital c. Dr Cash Trust Cr Application Dr Application Cr Share capital Dr Cash Cr Cash Trust d. Dr Cash Cr Allotment Dr Allotment Cr Share capital

When shares are issued fully payable on application, the journal entries to record the issue and allotment (assuming the minimum subscription is reached) are: Select one: a. Dr Cash Trust Cr Application Dr Cash Cr Cash trust b. Dr Cash Cr Application Dr Application Cr Share Capital c. Dr Cash Trust Cr Application Dr Application Cr Share capital Dr Cash Cr Cash Trust d. Dr Cash Cr Allotment Dr Allotment Cr Share capital

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 2MC

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