Reference no: EM132594478
Problem - Prepare a Journal entry
The following is a list of selected account balances taken from December 31, 2020 general ledger of Marcelo Corporation:
Accounts Payable P 1,400,000
Accounts Receivable 2,357,000
Ordinary Share Capital 1,260,000
Share Premium-Ordinary Share 1,087,750
Share Premium-Preference Share 92,100
Preference Share Capital 500,000
Subscribed Preference Share 140,000
Retained Earnings 191,950
Subscription Receivable-Preference Share 105,000
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