Use the Information Below to Answer the Following Questions

question 7

Multiple Choice

Use the information below to answer the following questions:
An issue of 50 000 shares at $3 required $2.20 per share to be paid at the time of application. On allotment, another $0.30 was due and a further $0.50 when determined by the board of directors. The application money in respect of the 50 000 shares was received on 8 July. On 26 July, the shares were issued with the amount due on allotment received on 15 August. The remaining $0.50 was called up on 20 September and received on 10 October.
-The journal entry to record the amount due on application would include:

• A) DR Share capital,$110 000
• B) CR Application,$110 000
• C) CR Share capital,$150 000
• D) DR Share capital,$110 000.