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Journal entries to record the foregoing transactions

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Reference no: EM132510313

Question - Gallery Company is authorized to issue 100,000 shares of P500 par value ordinary share capital. Gallery has the following transactions during the month:

a. Issued 20,000 shares at par, receiving cash.

b. Issued 250 shares to attorneys for services in securing the corporate charter and for preliminary legal costs of organizing the corporation. The value of the service was P150,000

c. Issued 12,500 ordinary shares in exchange for a land and a building with fair values of P5,000,000 and P3,000,000 respectively.

d. Received cash for 6,500 ordinary shares sold at P550 per share.

e. Received subscription for 20,000 shares at P550 per share, receiving 25% down payment.

f. Collected balance of the subscription price on the 12,000 shares subscribed in (e) and share certificates were accordingly issued.

REQUIREMENT - Journal entries to record the foregoing transactions.

Reference no: EM132510313

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