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Prepare the journal entries to account for the receipt

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Question - Companion Limited commenced operations by issuing 300,000 shares at a price of $4 per share, payable in full on application. Application monies were received on 15 July 20x3 and the shares were allotted on 1 August 20x3. The share issue was made as a result of an offer being made to the public. Prepare the journal entries to account for the receipt of the application monies and the subsequent allotment of the shares.

Reference no: EM133156767

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