Pharoah Ltd. offered to sell common shares on a subscription basis. Each subscription allowed for the purchase of 36 shares at a price of $10 per share. Terms of the subscription stated that subscribers were to pay 30% of the price as a down payment, with the remainder due in six months. On October 1, 2021, 44 subscriptions were sold. Six months later, on April 1, 2022, only 33 of the subscriptions were fully paid for. According to the subscription contract, the company would retain the down payment on any defaulted subscriptions. Your answer is partially correct. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation L, 2021 Share Subscriptions Receivable Common Shares Subscribed (To record sale of shares on a subscription basis) Debit 15840 Credit 15840 Share Subscriptions Receivable (To record collection of down payment) L, 2022 Cash Share Subscriptions Receivable (Collection of share subscriptions receivable) Common Shares Subscribed Common Shares (To record issuance of shares) Common Shares Subscribed Share Subscriptions Receivable Contributed Surplus (To record forfeit of payment from defaulting subscribers) 8316 11880 11880 4752 8316 11880 8316 3564 Prepare the October 1 journal entry, assuming instead that Pharoah refunded the down payment on the defaulted subscriptions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Common Shares Subscribed Share Subscriptions Receivable Cash Debit 11880 Credit 8316 3564