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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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5 0
2 years ago
Margie has had a tough month.​ First, she had dental work that cost ​$700. ​Next, she had her car transmission​ rebuilt, which c
motikmotik

Answer:

Calculate amount of annual interest:

The simple interest rate is the percentage of the credit that should be paid as interest on yearly basis. The amount of interest should be paid per year on a loan.

Miss. Margie has spent $700 for dental work and $1,400 for car transmission rebuilt. She has made both transactions on her credit card. If she does not pay credit balance of $2100, she will be charged 21 percent interest.

Calculate the annualized interest expenses.  

Miss. Margie should pay annual interest if she does not pay off credit card balance. She has a credit balance of $2100. The interest rate on credit balance is 21 percent.

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Money market investment is a high-liquid, and short term securities containing commercial paper. Treasury bill, banker's acceptance, promissory note.

Calculate the amount of interest received on money market investment. Miss. Margin has a money market account with $15.000. On this account she receives 3 percent interest.

So, the total interest earned on a money market account is:

Annual Interest = Amount x Interest rate

Annual Interest = 15,000 x 0.03

Annual Interest = $450

Miss. Margin has got $450 as annual interest on money market account of $15000 with the interest rate of 3 percent.

To calculate the amount of annual interest, she should write a check of 2,100 for pay off credit card balance, a money market account shows the balance of 12,900. The interest rate is 3 percent.

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Annual interest = 12,900 x 0.03

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Miss. Margin should write the check'. She is able to cover credit card bill from money market account. It is always better to payoff credit card bill in full from income or saving than to pay credit card balance with interest on due balance.

If she pays credit card due balance from money market account, she will not have to pay interest charges

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3 years ago
Read 2 more answers
The ACME manufacturing company is weighing its options to source Component X. Supplier A would cost $3000 per order plus $2.50 f
raketka [301]

Question Completion:

Since the options are not provided, it is assumed that ACME requires 2,000 units of Component X monthly.  Which supplier should the company choose?

Answer:

ACME Manufacturing Company

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Supplier A.

Explanation:

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Quantity of component X required monthly = 2,000 units

Cost of buying from supplier A = $3,000 + ($2.50 * 2,000) = $8,000

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