Question
Rinder commences operations by issuing 2 million shares at a price of $2.50 per share, payable in full on application. Application monies are received on
Rinder commences operations by issuing 2 million shares at a price of $2.50 per share, payable in full on application. Application monies are received on the 31st of July 2024 and the shares are allotted on 5 August 2024.
The share issue is a result of an offer being made to the public. Provide the journal entries for the receipt of the application monies and the subsequent allotment of the shares.
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Principles of Financial Accounting
Authors: Belverd E. Needles, Marian Powers
12th edition
978-1133940562, 1133940560, 978-1285608464, 1285608461, 1133939287, 978-0357693605, 978-1285607047, 128560704X, 978-1133939283
