Prepare the journal entries Yeates Ltd commenced operations on 1 July 2023 by issuing 15 million ordinary

Prepare the journal entries
 

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Yeates Ltd commenced operations on 1 July 2023 by issuing 15 million ordinary shares by way of a direct private placement and at an issue price of $1.50 per share. Shareholders were required to pay $1.00 on application, with a further $0.35 payable on 1 September 2023 and a further $0.15 payable on 1 December 2023: 1 July 2023 Dr Cash Cr Share capital 1 July 2023 Dr First call Dr Second call Cr Share capital 1 September 2023 Dr Cash Cr First call 1 December 2023 Dr Cash Cr Second call 15 000 000 5 250 000 2 250 000 5 250 000 2 250 000 15 000 000 7 500 000 5 250 000 2 250 000 Yeates Ltd commenced operations on 1 July 2023 by issuing 15 million ordinary shares by way of a direct private placement and at an issue price of $1.50 per share. Shareholders were required to pay $1.00 on application, with a further $0.35 payable on 1 September 2023 and a further $0.15 payable on 1 December 2023: 1 July 2023 Dr Cash Cr Share capital 1 July 2023 Dr First call Dr Second call Cr Share capital 1 September 2023 Dr Cash Cr First call 1 December 2023 Dr Cash Cr Second call 15 000 000 5 250 000 2 250 000 5 250 000 2 250 000 15 000 000 7 500 000 5 250 000 2 250 000

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Step 1 Correct Journal Entries are as follows Date Acco... View the full answer