Heart Corporation entered into a subscription contract with several subscribers The contract requires the subscribers to purchase 2,000 shares of $4 par common stock at a price of $20 per share The contract requires a down payment of $5 per share, with the remaining $15 per share collectible at the...

Cash 5 x 2000 10000 Subscriptions ...

Heart Corporation entered into a subscription contract with several subscribers. The contract requires the subscribers to purchase

Question:

Heart entered into a subscription contract with several subscribers. The contract requires the subscribers to purchase 2,000 shares of $4 par at a price of $20 per share. The contract requires a down payment of $5 per share, with the remaining $15 per share collectible at the end of one month. The stock will be issued to each subscriber upon full payment.
Prepare the journal entry to record this transaction.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...