Righty, Inc

question 65

Essay

Righty, Inc., entered into a stock subscription contract that called for the purchase by investors of 15,000 shares of
$12 par common stock at a price of $33 per share. The contract required a down payment of $15 per share, with the remaining $18 per share collectible at the end of three months.
Required:
a. Prepare the journal entry to record the stock subscription and down payment.
b. The subscribers paid the remainder at the end of three months. Prepare the journal entryies) to record the final payment and the issuance of the shares of stock.

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Definitions:

Spousal Abuse

A pattern of abusive behavior by one partner towards another in an intimate relationship, including physical, sexual, emotional, or psychological harm.

Antisocial Personality Disorder

A mental disorder characterized by a long-term pattern of disrespect for, and violation of, the rights of others.

Autonomic Nervous System

The part of the nervous system that controls involuntary actions of the body, such as heart rate, digestion, and respiratory rate.

Electrically Shocked

The experience of undergoing an electric shock, which is the sudden discharge of electricity through a part of the body, potentially causing harm.