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Provide the journal entries to account for the receipt

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Reference no: EM132525330

First Point Ltd commences operations by issuing 1 million shares at a price of $1.40 per share, payable in full on application. Application monies are received on 31 July 2019 and the shares are allotted on 4 August 2019. The share issue is made as a result of an offer being made to the public.

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Question 1: Provide the journal entries to account for the receipt of the application monies and the subsequent allotment of the shares.

Reference no: EM132525330

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