Reference no: EM132784504
Sousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulated the following authorized capital:
- 4,500 shares of preference shares, P110 parvalue
- 42,000 shares of ordinary shares, P30 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 P30 per share; collected 65%. Of the subscription price
Jun 7 Subscribers to 14,000 ordinary shares paid an additional 20% of the subscription price
Jul 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
Sep 14 Received subscriptions to 4,300 ordinary shares at P32 per share; collected 60% of the subscription price.
Required:
Problem 1: Prepare the journal entries.
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Prepare the journal entries for sousa caterers inc
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Tracing costs appropriately
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