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ANTONII [103]
3 years ago
5

Stockholders invest $30,000 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual sa

lary of $36,000. 3 Buys office furniture for $3,800, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,800 (not paid by Roads at this time) 10 Receives cash of $140 as commission for acting as rental agent renting an apartment. 27 Pays $700 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,000 in salary for October. Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Business
1 answer:
Black_prince [1.1K]3 years ago
8 0

Answer:

Explanation:

1)

Dr Cash $30,000  

Cr Common Stock  $30,000

2) No Entry  

3)

Dr Office Furniture $3,800  

Cr Accounts Payable  $3,800

6)

Dr Accounts receivables $10,800  

Cr Service Revenue (Commission) $10,800

10)

Dr Cash $140  

Cr Service Revenue (Commission)  $140

27)

Dr Accounts Payable $700  

Cr Cash  $700

30)

Dr Salary Expense $3,000  

Cr Cash  $3,000

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d. lots of practice will make the speaker sound more natural :)

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Ahmed owns a small motor repair shop that had a cash flow of $297,241 in the current period. If Ahmed expects his business to gr
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Answer: $321,020

Explanation:

The cash flow is expected to grow at a rate of 8%.

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= 297,241 * ( 1 + rate)

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State Street Beverage Company issues​ $805,000 of​ 9%, 10-year bonds on March​ 31, 2017. The bonds pay interest on March 31 and
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Option (B) If the market rate of interest is 10%, the bonds will issue at a discount

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3 years ago
In most high-tech industries, the fixed costs of developing a product are very _____, and the costs of producing one extra unit
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Answer:

Fixed costs are high, variable costs are low

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In Year 8, Seda Corp. acquired 6,000 shares of its $1 par value common stock at $36 per share. During Year 9, Seda issued 3,000
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Answer: Please see answer in explanation column

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Using the  cost method,  treasury stock is credited for cost of the shares when it is reissued, while Cash is debited for amount received.  Also, additional paid-in capital from treasury stock  will be credited to show the difference.

journal entry to record the issuance of 3000 shares in year 9

Date             Account                        Debit                   Credit

Year 9      Cash (3,000x $50)          $150,000

Treasury stock (3,000x$36)                                       $108,000

Additional paid-in capital- treasury stock                   $42,000

( $150,000  -  108,000)

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