Golf Is for Nerds Inc.sells 20,000 no-par value common shares for $8.00 each on a subscription basis.Terms of the sale require the purchaser to pay $3.00 per share when the contract is signed and the balance in three months' time.
Required: Prepare the journal entries at (a)the date of signing the contract; (b)the date that the remaining payment is made; (c)the date the shares are transferred.

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The Answer of Golf Is for Nerds Inc.sells 20,000 no-par value common shares for $8.00 each on a subscription basis.Terms of the sale require the purchaser to pay $3.00 per share when the contract is signed and the balance in three months' time.
Required: Prepare the journal entries at (a)the date of signing the contract; (b)the date that the remaining payment is made; (c)the date the shares are transferred.