Chapter 20, Problem 3CE

Prepare general journal entries for the following transactions of GOTE Company:

1. (a) Received subscriptions for 10,000 shares of $2 par common stock for $80,000.
2. (b) Received payment of $30,000 on the stock subscription in transaction (a).
3. (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock.
4. (d) Purchased 1,000 shares of its own $2 par common stock for $7.50 a share.
5. (e) Sold 500 shares of the stock on transaction (d) for $8.50 a share.