On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for active kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and other tricks. The following transaction occurred during the first month of operations, please indicate how the adjusting journal entry (AJE) at the end of September should be recorded: September 24 Multiple Choice O Description Telephone bill for $150 was received for the month of September payment due October 5th O Dr. Phone Expense 150 and Cr: Phone Payable 150 None of the other journal entries are correct, it is another journal entry The transaction does not need an AJE Dr. Phone Expense 150 and Cr. Cash 150 Dr. Prepaid Phone 150 and Cr. Phone Expense 150 Amount $150

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A Company issued $5,00,000/- new capital divided into $.10/- shares at a premium of $4/- per share payable as On Application $1/- per share On Allotment $4/- per share & $.2/- premium On Final Payment $.5/- per share & $.2/- premium Overpayments on application were to be applied towards sum due on allotment. Where no allotment was made money was to be returned in full. The issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 1,000 shares and applicants for 2,000 were sent letters of regret. All money due on allotment and final call was duly received. Make the necessary entries in the company‟s book.

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