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Make account for journal entry related to share subscription

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On May 30, 2020, Rose Hill Corporation accepted subscriptions for 10,000 common shares. On that date, the shares were selling for $30 each. Subscribers paid 40% down and must pay the remainder in six months. On September 30, 2020, the balance of the subscription price was received, and the shares were issued.

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Problem 1: account for all journal entries related to the share subscriptions.

Reference no: EM132565745

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