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On February 3, the Teel Corporation enters into a subscription contract with several subscribers for 5,000 shares of $10 par common stock at a price of $16 per share. The contract requires a down payment of 25%, with the remaining balance to be paid on May 3. The stock will be issued to each subscriber upon full payment. Required Prepare Journal entries to record the following: 1. The February 3 receipt of the down payment and signing of the contract. 2. The May 3 receipt of the remaining balance from subscribers to 4,000 shares. The market price is currently $17 per share. 3. The default of a subscriber to 1,000 shares. These shares are sold on the open market for $17 per share on May 4, and the down payment is returned to the subscriber.
advanced radio repairs make all sales on account. cash receipts arrive by mail. james opens the envelopes and separates
simple interest compound interest discount rate force of interest av pv1.fund p earns interest at a simple rate of 4 a
the next winner of americas idol will perform at the fraternitys charity event for free at your schools basketball
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On January 1, 2009, American Eagle borrows $65,000 cash by signing a four-year, 8% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2009 through 2012.
yang company has budgeted the following unit
Judd Harrison owns 200 shares of stock in the Widget Company for which he paid 1600 in 1999. The board of directors of the company decided to pay a 10% stock dividend in April 2010, for which Judd received 20 shares of stock. Was this a taxable st..
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