Worldwide Company was authorized to issue 10,000 preference shares of $200 par value and 10,000 ordinary shares of $20 par value. Subscription for 4,000 preference shares was received at $218 per share with a down payment of 30%. The balance is payable after 60 days. Question: Assuming after 60 days, only subscribers at 2,000 preference share paid the balance, the entry to record the collection includes a debit to Cash at _____________.
Worldwide Company was authorized to issue 10,000 preference shares of $200 par value and 10,000 ordinary shares of $20 par value. Subscription for 4,000 preference shares was received at $218 per share with a down payment of 30%. The balance is payable after 60 days. Question: Assuming after 60 days, only subscribers at 2,000 preference share paid the balance, the entry to record the collection includes a debit to Cash at _____________.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Worldwide Company was authorized to issue 10,000 preference shares of $200 par value and 10,000 ordinary shares of $20 par value. Subscription for 4,000 preference shares was received at $218 per share with a down payment of 30%. The balance is payable after 60 days.
Question: Assuming after 60 days, only subscribers at 2,000
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