Ayayai Inc sells 1,340 common shares on a subscription basis at $65 per share on June 1

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Ayayai Inc sells 1,340 common shares on a subscription basis at $65 per share on June 1 and accepts a 42% down payment. On December 1, Bonata collects the remaining 58% and issues the shares. Prepare the company's journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit June 1 (To record sale of shares on a subscription basis) June 1 (To record collection of down payment) Dec. 1 (Collection of share subscriptions receivable) Dec. 1 (To record issuance of shares) Save for Later Attempts: 0 of 1 used Submit

Posted Date: Jul 11, 2024 05:21 AM

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Ayayai Inc sells 1,340 common shares on a subscription basis at $65 per share on June 1

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