The answer, on the point of view of Boster, is A. Debit notes receivable and credit accounts receivable (not payable i think). This is from the point of view of Boster. So to Boster, he will have an accounts receivable by Martin company. So what Martin did is that he offered a promissory note to Boster. This will increase Boster's notes receivable. At the same time, this will also lessen Boster's accounts receivable since this turned into a notes receivable.
Answer:
A) Cash is debited for $294,000. and,
C) Common Stock is credited for $294,000.
Explanation:
When Shares are Issued for Cash, recognize the Assets of Cash (Debit) and also recognize an equity element - Common Stock (Credit).
Answer:
The answer is through legal redress known as Specific Performance.
Explanation:
A contract is an agreement between two or more people. It is legally binding and enforceable. Each individual must satisfy their separate obligations.
Since the contract has been signed. This means it is legally binding.
Since it is legally binding, the best course of action is to proceed to court of law.
In law, this known as Specific Performance. Specific Performance is a resolution used by competent court of law to order a party to perform a specific act like order the owner of the land to relinquish the land. Specific Performance is an equitable remedy.
This welfare-reform plan responded to criticisms that welfare encouraged poor people to remain unemployed in order to keep receiving aid. It replaced the traditional antipoverty program for poor families (Aid to Families with Dependent Children, or AFDC) with a new program called Temporary Assistance for Needy Families (TANF).
