What is the journal entry for the authorization to issue shares under memorandum entry method? Bulacan Corporation was organized on June 1, 2021 with authorized sharecapital of 400,000, 9% preference shares with P40 par value and 500,000ordinary shares with P30 par value. During 2021, the following selectedtransactions were completed.July 51015Received subscriptions for 300,000 ordinary shares at P42. Adown payment of 20% was received; balance in two equalinstallments due September 1 and December 1.Issued 1,000 ordinary shares as payment for the legal servicesrendered in the formation of the corporation.Issued 16,500 ordinary shares for cash at an issue price of P32per share.

Journal entries: Journal entries are the primary recording makes in the books of account. All the…

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 Cransactions 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.

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 Cransactions 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 4PA: Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par...

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