Q10: To raise capital for a new polo field, Santa Fe Polo Club offered shares of its common stock to club members on a subscription plan. Prepare journal entries in the club's accounting records to...

To raise capital for a new polo field, Santa Fe Polo Club offered shares of its common stock to club

members on a subscription plan. Prepare journal entries in the club's accounting records to record the

following transactions:

Sept. 15 : Members subscribed to 30,000 shares of $2 par value common stock at a subscription price

of $25 per share.

Dec. 20: Collected $300,000 cash in full payment of 12,000 of the subscribed shares. Issued stock

certificates for these shares.

Extracted text: Q10: To raise capital for a new polo field, Santa Fe Polo Club offered shares of its common stock to club members on a subscription plan. Prepare journal entries in the club's accounting records to record the following transactions: Sept. 15 : Members subscribed to 30,000 shares of $2 par value common stock at a subscription price of $25 per share. Dec. 20: Collected $300,000 cash in full payment of 12,000 of the subscribed shares. Issued stock certificates for these shares.