Problem - Prepare a Journal entry

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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

Reference no: EM132594478

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