The company received subscriptions for 10,000 shares of $1 par common stock for $30 per share. The

Question:

The company received subscriptions for 10,000 shares of $1 par common stock for $30 per share. The company received 30% of the subscription amount immediately and the remainder two months later. Make the journal entries necessary to record the initial subscriptions (and cash receipt) and the subsequent receipt of the remaining cash.

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...