Share subscriptions On April 28, 2020, Sweden Inc. accepted subscriptions for 10,000 of its no...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Share subscriptions
On April 28, 2020, Sweden Inc. accepted subscriptions for 10,000 of its no par value common shares. Currently, the shares were selling for $ 45 each. A 40% down payment was received with the remainder due in six months. On October 28, 2020, the balance of the subscription price was received, and the shares were issued.
Instructions
a) Prepare the journal entries required on April 28, 2020. (4 marks)
b) Prepare the journal entries required on October 28, 2020. (4 marks)
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
Best
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.