Journalize the entries to record the stock subscription plan for Green Co. On January 1, Green received

Question:

Journalize the entries to record the stock subscription plan for Green Co. On January 1, Green received subscriptions for 1,200 shares of $27 par-value common stock at $41 per share. The buyer will pay two equal installments on March 31 and June 30.

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...