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Prepare journal entries to record the transactions

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Question - On 1 July 2020, Mike Ltd was incorporated, and on 7 July a prospectus was issued inviting applications for 100,000 shares for $10 each, payable by instalment as follows:

- $4.50 on application,

- $3.50 on allotment,

- Call of $2.00 is to be made as and when required.

By 31 July, applications were received for 110,000 shares.

No underwriting was arranged.

On 6 August, the directors allotted 100,000 shares to the successful applicants.

Applications for 10,000 shares were rejected and the application money was refunded.

The allotment money was received by 20 August.

Share issue costs of $3 500 were paid on 21 August.

Required - Prepare journal entries to record the above transactions.

Reference no: EM132785668

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