On May 1, 2020, Kruger Inc. accepted subscriptions for 10,000 of its no par value common shares.
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Question:
On May 1, 2020, Kruger Inc. accepted subscriptions for 10,000 of its no par value common shares. At this time, the shares were selling for $45 each. A 40% down payment was received with the remainder due in 6 months. On November 1, 2020 the balance of the subscription price was received and the shares were issued.
Required
- Prepare the journal entries required on May 1, 2020.
- Prepare the journal entries required on November 1, 2020.
With working Notes
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