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Make the journal entry to record receipt of subscriptions

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Reference no: EM133187356

Question - Dixon Co. is authorized to issue 400,000 shares of P5 par ordinary stock. Subscribers have contracted to purchase the shares at P20 per share with a 40% down payment.

Assume that stockholders subscribed to 100,000 shares and make the required down payment. Make the journal entry to record receipt of the subscriptions?

Reference no: EM133187356

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