Answer in a memorandum following authorized capital:Sousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulated theSubscription of Sharesa 4,500 shares of preference shares, P110 par valueb. 42,000 shares of ordinary shares, P30 par valueSousa Caterers, Inc. completed the following transactions during its first year ofoperations:8 Received subscriptions to 14,000 ordinary shares at P30 per share;collected 65% of the subscription price.MayJune 7 Subscribers to 14,000 ordinary shares paid an additional 20% of thesubscription price.July 6 Subscribers to 14,000 ordinary shares paid an additional 15% of thesubscription price. Sousa Caterers, Inc. issued the 14,000 shares ofstock.Received subscriptions to 4,300 ordinary shares at P32 per share;collected 60% of the subscription price.Sept. 14Required: Prepare the journal entries.SLAcamera

Subscribed Share Capital-: Subscribed Share Capital is that portion of issued share wealth for which…

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Sousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulated the following authorized capital:

Intermediate Accounting: Reporting And Analysis

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Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

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Question

Answer in a memorandum

following authorized capital:
Sousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulated the
Subscription of Shares
a 4,500 shares of preference shares, P110 par value
b. 42,000 shares of ordinary shares, P30 par value
Sousa Caterers, Inc. completed the following transactions during its first year of
operations:
8 Received subscriptions to 14,000 ordinary shares at P30 per share;
collected 65% of the subscription price.
May
June 7 Subscribers to 14,000 ordinary shares paid an additional 20% of the
subscription price.
July 6 Subscribers to 14,000 ordinary shares paid an additional 15% of the
subscription price. Sousa Caterers, Inc. issued the 14,000 shares of
stock.
Received subscriptions to 4,300 ordinary shares at P32 per share;
collected 60% of the subscription price.
Sept. 14
Required: Prepare the journal entries.
SLA
camera

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