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The share transactions of the Piyush Gupta Corporation are as follows: Jan. 1 Subscription to 1 , 5 0 0 shares of no - par
The share transactions of the Piyush Gupta Corporation are as follows:
Jan. Subscription to shares of nopar value is received, together with cheques from various subscribers to cover a down payment. The shares were subscribed at a price of $ per share. The remainder of the subscription price is to be paid in two monthly installments.
Feb. The first installments are collected from all the subscribers.
Mar. The second installments are received from all the subscribers except from Lucien Bouchard, who had subscribed for shares.
In reply to correspondence, Mr Bouchard states that he is unable to complete his installment payments and authorizes the company to dispose of the shares subscribed for by him. The shares subscribed for by Mr Bouchard are sold for $record this transaction as well Deficiencies between the subscription price and the amounts received are charged against the amount due to the subscriber and the subscriber is then given a refund.
The remaining shares subscribed for are also issued.
Required:
Prepare the journal entries to record the above transactions. Prepare a compound entry for each date
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