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Callaghan Inc

Accounting

Callaghan Inc. decided to sell shares to raise additional capital so that it

could expand into the rapidly growing service industry. The corporation chose

to sell these shares through a subscription basis and publicly notified the

investment world. The offering was 40,000 shares at $22 a share. The terms

of the subscription were 35% down and the balance was due at the end of

six months. All shares were subscribed for during the offering period.

Instructions

(a)

Prepare the journal entries for the original subscription, the collection of the

down payments, the collection of the balance of the subscription price, and

the issuance of the shares.

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