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Prague Corp.is authorized to issue 400,000 no par value common shares.Subscribers agree to purchase shares at $15 per share with a 30% down payment.
-Assume that subscribers agree to purchase 50,000 shares and make the required down payment.The journal entry to record receipt of the subscriptions includes a

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Use the following information to answer questions 
Prague Corp.is authorized to issue 400,000 no par value common shares.Subscribers agree to purchase shares at $15 per share with a 30% down payment.
-Assume that subscribers agree to purchase 50,000 shares and make the required down payment.The journal entry to record receipt of the subscriptions includes a

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The journal entry to record receipt of the subscriptions includes a credit to Common Shares Subscribed for the full amount of the subscriptions, which is $750,000. There is no debit to Common Shares Subscribed, as this account would only be debited if the shares had actually been issued to the subscribers. Additionally, there is no credit to Common Shares, as this account would only be credited when the shares are actually issued. Finally, there is no credit to Subscriptions Receivable, as this account would only be credited when the subscribers make their final payment and the shares are actually issued.

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