On May 1, 2016, Antonelli Corporation received a subscription from Angelina Paz for 700 shares of its $1 par value common stock at a price of $28 a share Paz made a payment of $14 00 per share on the stock at the time of the subscription Give the entries in general journal form to record receipt of...

GENERAL JOURNAL PAGE DATE DESCRIPTION POST REF DEBIT CREDIT May 1 Subscriptions ReceivableCommon 19 ...

On May 1, 2016, Antonelli Corporation received a subscription from Angelina Paz for 700 shares of its

Question:

On May 1, 2016, Antonelli received a subscription from Angelina Paz for 700 shares of its $1 par-value at a price of $28 a share.
Paz made a payment of $14.00 per share on the stock at the time of the subscription. Give the entries in general journal form to record receipt of the subscription and the cash payment.
Prepare entries on June 1, 2016, to record payment of the balance of Paz' subscription and issuance of the stock.
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...