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Two Problem show steps please REMEMBER TO SHOW ALL YOUR WORK FOR PARTIAL CREDIT On January 1, Safe-T Enterprises entered into a subscription contract for
Two Problem show steps please
REMEMBER TO SHOW ALL YOUR WORK FOR PARTIAL CREDIT On January 1, Safe-T Enterprises entered into a subscription contract for 1,000 shares of $10 par common stock at a price of $50 per share. The contract required an immediate down payment of $30 per share with the remaining $20 per share due on February 1. The stock will be issued to each subscriber upon full payment . Required: Prepare the journal entries to record the following: a. Receipt of the down payment and signing of the contract on January b. Receipt of the remaining balances on February 1 from subscribers to 1,000 shares, the market price on February 1 is $60
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