Reference no: EM132973236
Problem 1: Wind-Turbines, Inc., [WT] is authorized to issue 600,000 common shares. It issued subscriptions for 75,000 common shares at $27 per share on February 1, 2017. It required subscribers to pay 30% on this date and the balance later on demand. Similar shares of the company were being traded in the market at $20 each on that date. WT calls for a second instalment of 50% on May 1. Subscribers with 650 subscriptions failed to pay despite several reminders being issued by the company. The company forfeited their subscriptions and received the payments from the remaining subscribers. The journal entry to record this transaction would be
a. DEBIT-Cash [$1,003,725]; DEBIT-Contributed Surplus - Subscriptions [$12,285]; CREDIT-Share Subscriptions Receivable [$1,016,010].
b. DEBIT-Cash [$1,003,725]; DEBIT-Loss on Subscriptions [$12,285]; CREDIT-Share Subscriptions Receivable [$1,016,010].
c. DEBIT-Cash [$1,003,725]; CREDIT-Share Subscriptions Receivable [$1,003,725].
d. DEBIT-Cash [$1,003,725]; DEBIT-Common Shares Subscribed [$17,550];
CREDIT-Share Subscriptions Receivable [$1,016,010]; CREDIT-Gain on Subscriptions [$5,265].
e. DEBIT-Cash [$1,003,725]; DEBIT-Common Shares Subscribed [$17,550];
CREDIT-Share Subscriptions Receivable [$1,016,010]; CREDIT-Contributed Surplus - Subscriptions [$5,265] .
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