Reference no: EM132841945

Question - Sousa caterers, Inc. was organized on May 13, 2019 and the articles stipulated the following authorized capital:

a. 4,500 shares of preference shares, 110 par value.

b. 42,000 shares of ordinary shares, 30 par value.

Sousa Caterers, Inc. completed the following transactions during its first year of operations:

May 8 Received subscriptions to 14,000 ordinary shares at 30 per share; collected 65% of the subscription price.

June 7 Subscribers to 14,000 ordinary shares paid an additional 20% of the subscription price.

July 6 Subscribers to 14,000 ordinary shares paid an additional 15% of the subscription price. Sousa caterers, Inc issued the 14,000 shares of stock.

Sept.14 Received subscriptions to 4,300 ordinary shares at 32 per share; collected 60% of the subscription price.

Required - Prepare the journal entries.