The Delta Sunrise Corporation is incorporated under the laws of Mississippi. The certificate of incorporation shows that the company is authorized to issue 75,000 shares of 10%, $40 par preferred stock and 125,000 shares of $10 pa common stock. Following is a narrative of selected transactions completed during the first month after incorporation. Prepare the appropriate journal entries.

Aug. 1 At the first meeting of the incorporators, subscriptions for 20,000 shares of common stock at $15 per share were accepted.

4 Received a payment of $175,000 on the common stock subscription.

26 Received the balance in full for the common stock subscription and issued the stock certificates.

GENERAL JOURNAL Page 1

Dat	e	Description	Post Ref.	Debit	Credit