Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Culver inc. sells 1480 common shares on a subscription basis at $16 per share on june 1 and accepts a 45% down payment. On December
Culver inc. sells 1480 common shares on a subscription basis at $16 per share on june 1 and accepts a 45% down payment. On December 1, Bonata collects the remaining 55% and issues the share. prepare the journal entries. A) Date. a/c titles. Dr. Cr. june 1. ----------- --- ---- ----------- ---- ---- ( To record sale of shares on a subscription basis) B) Date. a/c titles. Dr. Cr. june 1. ----------- --- ---- ----------- ---- ---- ( To record collection of down payment) C) Date. a/c titles. Dr. Cr. Dec 1----------- --- ---- ----------- ---- ---- ( Collection of share subscriptions receivables) D) Date. a/c titles. Dr. Cr. Dec1. ----------- --- ---- ----------- ---- ---- ( To record issurance of shares)
prepare the journal entries.
A)
Date. a/c titles. Dr. Cr.
june 1. ----------- --- ----
----------- ---- ----
( To record sale of shares on a subscription basis)
B)
Date. a/c titles. Dr. Cr.
june 1. ----------- --- ----
----------- ---- ----
( To record collection of down payment)
C)
Date. a/c titles. Dr. Cr.
Dec 1----------- --- ----
----------- ---- ----
( Collection of share subscriptions receivables)
D)
Date. a/c titles. Dr. Cr.
Dec1. ----------- --- ----
----------- ---- ----
( To record issurance of shares)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Water Audits And Loss Control Programs Manual Of Water Supply Practices M36
Authors: AWWA Staff
3rd Edition
1583216316, 978-1583216316
