Question

Culver inc. sells 1480 common shares on a subscription basis at $16 per share on june...

Culver inc. sells 1480 common shares on a subscription basis at $16 per share on june 1 and accepts a 45% down payment. On December 1, Bonata collects the remaining 55% and issues the share.

prepare the journal entries.

A)
Date. a/c titles. Dr. Cr.
june 1. ----------- --- ----
----------- ---- ----
( To record sale of shares on a subscription basis)

B)
Date. a/c titles. Dr. Cr.
june 1. ----------- --- ----
----------- ---- ----
( To record collection of down payment)

C)
Date. a/c titles. Dr. Cr.
Dec 1----------- --- ----
----------- ---- ----
( Collection of share subscriptions receivables)

D)
Date. a/c titles. Dr. Cr.
Dec1. ----------- --- ----
----------- ---- ----
( To record issurance of shares)

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