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murzikaleks [220]
3 years ago
5

Exercise 11-2 Blossom Company had these transactions during the current period. June 12 Issued 78,000 shares of $1 par value com

mon stock for cash of $292,500. July 11 Issued 2,500 shares of $100 par value preferred stock for cash at $104 per share. Nov. 28 Purchased 1,000 shares of treasury stock for $7,100.Prepare the journal entries for the Blossom Company transactions.
Business
1 answer:
Mekhanik [1.2K]3 years ago
5 0

Answer:

Explanation:

The journal entries are shown below:

1. Cash A/c Dr $292,500        

       To Common Stock $78,000        (78,000 × $1)

       To  Additional Paid-in Capital in excess of par - Common Stock $214,500

(Being the issue of the stock is recorded and the balance remaining is credited to the additional paid-in capital account)

2. Cash A/c Dr $260,000  (2,500 shares × $104)

       To Preferred stock $250,000       (2,500 shares × $100)

        To  Additional Paid-in Capital in excess of par - Preferred Stock $10,000

(Being the issue of the stock is recorded and the balance remaining is credited to the additional paid-in capital account)

3. Treasury stock A/c Dr $7,100

         To Cash A/c $7,100

(Being the treasury stock is purchased for cash)

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2 years ago
Ben Perez is driving along a mountain road. In the distance, he sees a road crew working on a fallen tree that has blocked the h
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Answer:

B. Exposure.

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3 years ago
Another name for economic resources is?
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Answer:

As far is I know, the anwser is B

7 0
3 years ago
Read 2 more answers
What is an example of statistical reasoning?
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Answer/Explanation:

Statistics educators often talk about their desired learning goals for students, and invariably, refer to outcomes such as being statistically literate, thinking statistically, and using good statistical reasoning. Despite the frequent reference to these outcomes and terms, there have been no agreed upon definitions or distinctions. Therefore, the following definitions were proposed by Garfield (2005 and have been elaborated in Garfield and Ben-Zvi (2008).

Statistical literacy is regarded as a key ability expected of citizens in information-laden societies, and is often touted as an expected outcome of schooling and as a necessary component of adults’ numeracy and literacy. Statistical literacy involves understanding and using the basic language and tools of statistics: knowing what basic statistical terms mean, understanding the use of simple statistical symbols, and recognizing and being able to interpret different representations of data (Garfield 1999; Rumsey 2002; Snell 1999)

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2 years ago
Rugrat Company has the following information for the current year: Beginning fixed manufacturing overhead in inventory $190,000
inessss [21]

Answer:

$140,000

Explanation:

The  difference between operating incomes under absorption costing and variable costing based on fixed expenses is shown below:

Variable costing:

Fixed manufacturing overhead in production $750,000

Absorption costing:

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= Beginning fixed manufacturing overhead in inventory + Fixed manufacturing overhead in production - Ending fixed manufacturing overhead in inventory

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= $140,000

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