On May 30, Year 6, Mary Hill Corporation accepted subscriptions for 15,000 common shares. On that date, the shares were selling for $62 each. Subscribers paid 40% down and must pay the remainder in 6 months. On September 30, Year 6, the balance of the subscription price was received, and the shares were issued.

Required

Prepare journal entries related to the share subscriptions.

Answer rating: 100% (QA)

To record the share subscriptions and subsequent payment the following journal entries would be ... View the full answer