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2. In August of 2016 a company issued subscribed stock and recorded the following journal entry: Cash (1,000 shares x $104 x.10) Subscriptions receivable $10,400 $93,600 Preferred Stock Subscribed Additional Paid in Capital-PS $100,000 $4,000 Full pay ment was made for the subscribed stock on November 1. Prepare the November 1, 2016 journal entry. 3. The shareholders equity of a company is as shown Common stock, $10 par APIC-CS Retained Earnings Total Shareholders Equity $200,000 $100,000 $150,000 $450,000
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Answer #1

Date Account Debit Credit

Nov 1, 2016 Cash $93,600

Subscription receivable $93,600

(Being full payment received from preferred stockholders)

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