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Provide the journal entries for the receipt of application

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Reference no: EM133171853

Question - Rinder commences operations by issuing 2 million shares at a price of $2.50 per share, payable in full on application. Application monies are received on the 31st of July 2024 and the shares are allotted on 5 August 2024. The share issue is a result of an offer being made to the public.

Provide the journal entries for the receipt of the application monies and the subsequent allotment of the shares.

Reference no: EM133171853

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