Noosa Ltd issued a prospectus on 1 October 2023 for 300,000 ordinary shares at an issue price of $1.80 per share, payable $1 on application and 80c on allotment. The closing date for applications was 31 October 2023. The issue was underwritten at a commission of $3,500.

On 31 October 2023, applications were received for 375,000 shares.

On 2 November 2023, the directors allotted four shares for every five applied for, with allotment money due by 30 November 2023. In accordance with the constitution, surplus application money was transferred to allotment. The underwriting money was paid.

By 30 November 2023, all allotment money was received except for 1,000 shares.

On 15 December 2023 the shares on which the allotment money was unpaid were forfeited. The company is entitled to keep any balance arising from the forfeiture.

Required: Prepare the general journal entries for the transactions above. Narrations are required in each journal.