ABC Ltd was registered on 30 June 2019. The next day the directors issued a prospectus inviting applicants for 400,000 ordinary shares with an issue price of $2. The shares were payable in full on application. By 31 July 2019, the company had received 500,000 applications, together with the application monies. The directors allotted 400,000 shares on 1 August 2019 and returned the money for additional applications. Required: (a) Prepare general journal entries to record the above data. (b) Record the above data using ledgers