On January 2, 20x5, a company offered its employees a share subscription plan. A total...
50.1K
Verified Solution
Link Copied!
Question
Accounting
On January 2, 20x5, a company offered its employees a share subscription plan. A total
of 65 employees subscribed to 100 shares each at the market price on January 2 of $22
per share. The total deposit of 30% was collected on January with the remaining
balance to be collected on December 31. A total of 50 employees made the final
payment on December 31. The remaining 15 had left the company. Company policy is
to not refund any deposits made on share subscription plans. The bookkeeper credited
the cash proceeds to the Common Share account.
Required Prepare the adjusting journal entry required at December 31, 20x5.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.