Righty, Inc

question 128

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 $30 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 entry(ies) to record the final payment and the issuance of the shares of stock.

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Definitions:

Apneas

Interruptions in breathing during sleep, commonly associated with health conditions like sleep apnea.

Fourth Stage

A phase or level in a sequence or process, the specific nature of which depends on the context it is used in (e.g., Erikson's stages of psychosocial development, the stages of labor).

Sleep Cycle

A period of sleep lasting about 90 minutes and including one or more stages of NREM sleep, followed by REM sleep.

REM Stage

A phase of sleep characterized by rapid eye movements, dreaming, and increased brain activity.