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Prepare journal entries to record the preceding transactions

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Question - On June 1, 2014, Simplicity, Inc. sold 35,000 shares of its P20 par value ordinary share capital on a subscription basis at P50 per share. Simplicity received a 60% down payment on the date of subscription. On September 8, 2014, Simplicity received the balance on the subscription and the stock certificates were issued.

Instructions - Prepare journal entries to record the preceding transactions.

Reference no: EM132563189

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