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Alex777 [14]
3 years ago
13

Richard Redden, the sole stockholder, contributed $71,000 in cash and land worth $132,000 in exchange for common stock to open a

new business, RR Consulting. Which of the following general journal entries will RR Consulting make to record this transaction?
A. Debit Assets $203,000; credit Common Stock $203,000.
B. Debit Cash and Land, $203,000; credit Common Stock $203,000.
C. Debit cash $71,000; debit land $132,000; credit Common Stock $203,000.
D. Debit Common Stock $203,000; credit cash $71,000; credit Land $132,000.
E. Debit Common Stock $203,000; credit Assets $203,000.
Business
2 answers:
Aloiza [94]3 years ago
7 0

Answer: C. Debit cash $71,000; debit land $132,000; credit Common Stock $203,000.

Explanation:

From the question, we are informed that Richard Redden, the sole stockholder, contributed $71,000 in cash and land worth $132,000 in exchange for common stock to open a new business, RR Consulting.

The journal entries will RR Consulting make to record this transaction will be:

Debit cash $71,000; debit land $132,000; credit Common Stock $203,000.

Neko [114]3 years ago
7 0

Answer:

C. Debit cash $71,000; debit land $132,000; credit Common Stock $203,000.

Explanation:

Recognize the Assets of Cash at $71,000, the Assets of Land at $132,000 and an Equity element - Common Stock at $203,000.

<u>The journal entry will be as follows :</u>

Cash $71,000 (debit)

Land $132,000 (debit)

Common Stock $203,000 (credit)

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Explanation:

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Activity Cost Pools    Estimated Overhead Cost   Expected Activity

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Direct labor cost per unit = $25.36

Activity rate:

Assembly                     $228,060/18,000 = $12.67 per machine hour

Processing orders         $34,068/1,200 = $28.39 per order

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Cost of D28K:

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Total overhead costs =                $29,270

Overhead cost per unit = $69.69 ($29,270/420)

Unit Cost of D28K:

Direct materials cost per unit = $48.96

Direct labor cost per unit =        $25.36

Overhead cost per unit =          $69,69

Total unit cost =                         $144.01

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