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Question - On 1 July 2021, Angelia II Ltd was incorporated, and on 4 July a prospectus was issued inviting applications for 80 000 shares at $10 each payable as follows:- - $3.50 on application, - $4.50 on allotment, - First Call of $0.30 to be made 3 months after the date of allotment. - Second and Final Call of $1.70 will be called 2 Jan 2022. The share issuance is underwritten. By 31 July, applications were received for 76 400 shares. On 2 August, the directors allotted 76 400 shares to the applicants. The balance of allotment money was received by 11 August. The underwriting costs of $3 750 was deducted before remittance of monies for allotment. The holders of 2 400 shares did not pay for both Calls. Additional 1 200 shares did not pay for the Second Call. Prepare journal entries to record the above transactions (in general journal format).
Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2017. Journalize the transactions for Elburn Supply Co
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