Question
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
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: Group of answer choices
a. Debit Application account $1,500,000; Credit Cash Trust account $1,500,000
b. Debit Cash Trust account $2,250,000; Credit Application account $1,500,000; Credit Allotment account $750,000
c. Debit Cash Trust account $1,500,000; Credit Application account $1,500,000
d. Debit Cash Trust account $1,500,000; Credit Share Capital account $1,500,000
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