D) Checkabe Deposits are assets for the bank
Answer:
A) Cash (debit) 180,000; Common stock (credit) 150,000; Additional paid-up capital-common stock (credit) 30,000 - Debit - Credit = 0
B) Cash (debit) 255,000; Preferred stock (credit) 250,000; Additional paid-up capital-preferred stock (credit) 5,000 - Debit - Credit = 0
C) Cash (debit) 900,000; Common stock (credit) 600,000; Additional paid-up capital-common stock (credit) 300,000 - Debit - Credit = 0
Explanation:
In Eastport Inc.´s case all 3 situations are similar, shares (Stockholders´Equity) increased, so credits in 4 accounts, according to the type of shares that are issued, must be registered: Common stock, Preferred stock, Additional paid-up capital-common stock, Additional paid-up capital- preferred stock. We will recognize the par value and stated value of the shares and the difference between this and the price paid by shareholders will be recognized as additional paid-up capital. Also, cash (Asset) is received as payment for the shares so a debit must be registered in the account Cash.
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Answer:
The receiving report is used to <u><em>advise the vendor that the goods arrived safely (option b)</em></u>
Explanation:
The receiving report is a document and accounting support detailing receipts in a storage area. You must show the code, description, quantity and value of the goods received, as well as the date of receipt and the signature of the person who received. In other words, it is a document prepared with the purpose of specifying the quantity and class of materials received.
It is useful to create a paper record of material receipts from suppliers and to record problems that may have been detected during the inspection processes or to report that the merchandise arrived safely in case of not registering problems.
This report is issued by the receiving warehouse in Duplicate, once the products received have been verified and inspected.
<u><em>The receiving report is used to advise the vendor that the goods arrived safely (option b)</em></u>
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Answer:
B. money market funds
Explanation:
The most limited definition of money, M1, consists just of cash and various bank accounts that allow check writing. Money in circulation includes cash, traveler's checks, demand deposits, and other types of checkable deposits.