On 1 July 20XX, Shenton Ltd, issued a prospectus inviting applications for 1,000,000 shares with the following terms: $3 on application, $2 on allotment and $1 on call. The call was made on 10 September 20XX. By 31 July, applications were received for 1,200,000 shares. On 7 August, the directors allotted 1,000,000 shares to the applicants on a pro-rata basis. The surplus application money was offset against the amount payable on allotment. The balance of the allotment money was received by 15 August. All the call monies were received on 17 September 20XX. Required: Prepare journal entries (including narrations) to record the above transactions