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What journal entry to record the transactions will include

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Problem 1: The following accounts are found in the trial balance of ABC Corporation at December 31, 2020: Authorized ordinary share, P50 par P5,000,000; Subscription receivable (due within one year) P300,000; Unissued ordinary shares P1,000,000; Subscribed ordinary shares P500,000; Share premium - ordianry P300,000. What is the total ordinary shares issued?

a. "10,000 shares"

b. "20,000 shares"

c. "80,000 shares"

d. "90,000 shares"

Problem 2: The corporation issued 3,000 of its P15-par value shares at P20 per share. The journal entry to record the transactions will include

a. "a credit to subscribed share capital for P60,000"

b. "a debit to share premium for P15,000"

c. "a debit to cash for P45,000"

d. "a credit to share capital for P45,000"

Reference no: EM132905669

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