following authorized capital: Sousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulated the Subscription of Shares a 4,500 shares of preference shares, P110 par value b. 42,000...

Required:

1.Prepare a memorandum entries to record the transactions.

Extracted text: following authorized capital: Sousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulated the Subscription of Shares a 4,500 shares of preference shares, P110 par value b. 42,000 shares of ordinary shares, P30 par value Sousa Caterers, Inc. completed the following transactions during its first year of operations: 8 Received subscriptions to 14,000 ordinary shares at P30 per share; collected 65% of the subscription price. May June 7 Subscribers to 14,000 ordinary shares paid an additional 20% of the subscription price. July 6 Subscribers to 14,000 ordinary shares paid an additional 15% of the subscription price. Sousa Caterers, Inc. issued the 14,000 shares of stock. Sept. 14 Received subscriptions to 4,300 ordinary shares at P32 per share; collected 60% of the subscription price.