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On January 2, 20x8, a company offered its employees a share subscription plan. A total of 80 employees subscribed to 150 shares each at the
On January 2, 20x8, a company offered its employees a share subscription plan. A total of 80 employees subscribed to 150 shares each at the market price on January 2 of $18 per share. The total deposit of 25% was collected on January with the remaining balance to be collected on December 31. A total of 65 employees made the final payment on December 31. The remaining 15 had left the company. Company policy is to not refund any deposits made on share subscription plans. The bookkeeper credited the cash proceeds to the Common Share account. Required - Prepare the adjusting journal entry required at December 31, 20x8
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