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Prepare proper journal entries for these transactions

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Question - Prepare proper journal entries for these transactions for Batman Industries Inc.

The following activities regarding share subscriptions occurred during 2020 for Batman Industries Inc.

July 1- Sold 1,000 subscriptions for common shares at $20 per share.

Subscribers paid $5 per share on this date; $5 more per share is due on September 1.  Subscribers who fail to make the second payment on September 1 get their deposit refunded.

The final payment of the balance of $10 per share is due on December 1. Subscribers who fail to make the final payment forfeit the $10 per share they have paid.

September 1 - 900 of the subscribed shares first payment were made. 100 were not made and qualified for the refund. Record the payments received and the refund made.

December 1 - 800 final payments were received, 100 more did not make the payment and forfeited their first two payments. Record the payments received, the common shares issued, and the payments forfeited.

Reference no: EM132838617

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