On 30 March 20X4, Jason Inc subscribed to purchase 1,600 common shares of BIT-Split Corporation for $14 per share.Jason Inc paid the subscription amount in 2 equal installments on 7 May 20X4 and 16 July 20X4.Required:Prepare the journal entry to record the stock subscription and purchase of shares. (If no entry is required for a transaction/evenselect "No journal entry required" in the first account field.)View transaction listJournal entry worksheet123Date30 March 20X4Prepare the journal entry required on 30 March 20X4:Note: Enter debits before credits.4General JournalDebitKSECredit On 30 March 20X4, Jason Inc subscribed to purchase 1, 600 common shares of BIT - Split Corporation for $14 per share. Jason Inc paid the subscription amount in 2 equal installments on 7 May 20X4 and 16 July 20 x4.Required: Prepare the journal entry to record the stock subscription and purchase of shares. (If no entry is required for a transaction/even select "No journal entry required" in the first account field.) Journal entry worksheet 1 2 3 4Prepare the journal entry required on 30 March 20X4: Note: Enter debits before credits. \table [[Date, General Journal, Debit,Credit], [30 March 20X4,,, ], [...], [...]]

Stock (or shares) subscribed by an investor is recorded on the asset side of the balance sheet. The…

Answered: On 30 March 20X4, Jason Inc subscribed…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Tropical Rainwear issues 2,000 shares of its $15 par value preferred stock for cash at $17 per share.Record the issuance of the preferred shares. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the issuance of the preferred shares. Transaction General Journal Debit Credit 1
Western Wear Clothing issues 1,300 shares of its $0.01 par value common stock to provide funds for further expansion. Assuming the issue price is $13 per share, record the issuance of common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the issuance of common stock. Note: Enter debits before credits. Transaction General Journal Debit Credit 1
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On July 1, 2020, Phoenix company offers to issue their accountant 800 common shares at their current market value of $12 per share, to equal the fair value of $9,600. The accountant accepts the offer of shares in exchange for accounting services. Record the journal entry for the issuance of shares. Select one: a. Debit Cash $9,600, Credit Common Shares $9,600 b. Debit Accounting Fees Expense $9,600, Credit Cash $9,600 c. Debit Accounting Fees Expense $9,600, Credit Common Shares $9,600 d. Debit Cash $9,600, Credit Service Revenue $9,600
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s California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $16 per share. Later in the year, the company decides to purchase 100 shares at a cost of $19 per share. Record the purchase of treasury stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the purchase of treasury stock. Note: Enter debits before credits Transaction 1 General Journal Debit Credit Canto answer
On June 1 Apos Ltd invited application for 50,000 ordinary shares. Ghc200 is payable on application and Ghc300 is payable on allotment. All application monies were received and accepted and the shares duly allotted on June 5.Payments were received on allotment on June 8.Required; Show the ledger entries in the books of Apos?
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