Bulacan Corporation was organized on June 1, 2021 with authorized share capital of 400,000, 9% preference shares with P40 par value and 500,000 ordinary shares with P30 par value. During 2021, the following selected transactions were completed. July 5 Received subscriptions for 300,000 ordinary shares at P42. A down payment of 20% was received; balance in two equal installments due September 1 and December 1. 10 Issued 1,000 ordinary shares as payment for the legal services rendered in the formation of the corporation.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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What is the journal entry for each date

Bulacan Corporation was organized on June 1, 2021 with authorized share
capital of 400,000, 9% preference shares with P40 par value and 500,000
ordinary shares with P30 par value. During 2021, the following selected
transactions were completed.
July 5
10
15
Received subscriptions for 300,000 ordinary shares at P42. A
down payment of 20% was received; balance in two equal
installments due September 1 and December 1.
Issued 1,000 ordinary shares as payment for the legal services
rendered in the formation of the corporation.
Issued 16,500 ordinary shares for cash at an issue price of P32
per share.
Transcribed Image Text:Bulacan Corporation was organized on June 1, 2021 with authorized share capital of 400,000, 9% preference shares with P40 par value and 500,000 ordinary shares with P30 par value. During 2021, the following selected transactions were completed. July 5 10 15 Received subscriptions for 300,000 ordinary shares at P42. A down payment of 20% was received; balance in two equal installments due September 1 and December 1. Issued 1,000 ordinary shares as payment for the legal services rendered in the formation of the corporation. Issued 16,500 ordinary shares for cash at an issue price of P32 per share.
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