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.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 9EB: Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction...
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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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