In July 2022, Glencore Ltd issued a prospectus offering 1,500,000 shares at $2.00 per share with $1 payable at the time of application and $0.50 payable on allotment and $0.50 on call. The journal entry to record the receipt of the application monies is: Debit Application account $1,500,000; Credit Cash Trust account $1,500,000 Debit Cash Trust account $2,250,000; Credit Application account $1,500,000; Credit Allotment account $750,000 Debit Cash Trust account $1,500,000; Credit Application account $1,500,000 Debit Cash Trust account $1,500,000; Credit Share Capital account $1,500,000