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Record the subscription and the receipt of the down payment

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Question - Sully Sports Cars Co. entered into a subscription contract with various investors. The terms were as follows:

2,000 shares of $5 par common at $24.

$10 down payment per share; a subsequent payment of $14.

Required -

a. Record the subscription and the receipt of the down payment.

b. Record the subsequent $14 payment that was received from all subscribers and issuance of the stock.

Reference no: EM133146900

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