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Make all the necessary journal entries in the books of grey

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Reference no: EM132826489

Problem 1: Prepare/Make all the necessary journal entries in the books of Grey's Corporation.

Grey's Corporation received subscription for 500 shares of $20 par value preference shares at $25 on March 23, 2020. A 20% down payment for the subscription was received, while the remaining balance was collected 30% on June 1, 2020, and 50% on August 1, 2020, at which time the certificate of shares were issued.

Reference no: EM132826489

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