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Which is appropriate journal entry to record cash collected

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Reference no: EM132617601

Problem 1: Which of the following is the appropriate journal entry to record the cash collected from applicants for shares before the shares are actually issued?

Select one:

Option a. Increase cash trust account: increase share capital account.

Option b. Increase cash trust account: increase application account.

Option c. Increase application account: decrease share capital account.

Option d. Increase share capital account: decrease cash trust account.

Reference no: EM132617601

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