On 1 July 2021, Sydney Ltd issued a prospectus inviting applications for 400,000 ordinary shares, at an issue price of $7, payable $2.00 on application, $3 on allotment, and $2 on future call(s), dates to be determined by the directors. By 1 September 2021, applications were received for 420,000 shares with $2 paid per share. On 6 September 2021, the directors allotted 400,000 shares. Refunds were made to oversubscribed applicants. Share issue costs of $14,400 were also paid on the same date. All the allotment money was received by 1 October. On 1 December 2021, a final call for $2 was made. 380,000 shares call money were received by 4 January 2022. 0n 15 January 2021, all the shareholders who failed to pay the final call money Required: Prepare journal entries to record the above transactions (explanations are not required).

Question

On 1 July 2021, Sydney Ltd issued a prospectus inviting applications for 400,000 ordinary shares, at an issue price of $7, payable $2.00 on application, $3 on allotment, and $2 on future call(s), dates to be determined by the directors.

By 1 September 2021, applications were received for 420,000 shares with $2 paid per share.

On 6 September 2021, the directors allotted 400,000 shares. Refunds were made to oversubscribed applicants. Share issue costs of $14,400 were also paid on the same date.

All the allotment money was received by 1 October.

On 1 December 2021, a final call for $2 was made. 380,000 shares call money were received by 4 January 2022.

0n 15 January 2021, all the shareholders who failed to pay the final call money

Required:

Prepare journal entries to record the above transactions (explanations are not required).