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Allushta [10]
2 years ago
15

Prepare journal entries to record each of the following four separate issuances of stock.

Business
1 answer:
Pachacha [2.7K]2 years ago
7 0

Answer:

Transaction a

Debit : Cash $36,000

Credit : Common Stock (3,000 x $10) $30,000

Credit : Common Stock - Paid in excess of par $6,000

Transaction b

Debit : Cash $23,000

Credit : Common Stock $23,000

Transaction c

Debit : Cash $23,000

Credit : Common Stock $23,000

Transaction d

Debit : Cash $79,250

Credit : Preferred Stock (750 x $75) $56,250

Credit : Preferred Stock - Paid in excess of par $23,000

Explanation:

The journal entries to record each of the following four separate issuances of stock have been prepared above.

Step 1 : Distinguish if Stock has par value or not

For par value stock, any amount paid in excess of par value is places in a reserve - Paid in Excess of Par on issuance.

For non par value stocks, we value stocks at market price of item exchanged

Step 2 : Recording

On Issuance, Cash is increasing so we debit Cash Account. The Stock Account as well as the Reserve - Paid in Excess (if applicable) both increases on the credit side, so that will be a Credit entry

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Answer:

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The management of urbine corporation is considering the purchase of a machine that would cost $340,000 would last for 4 years, a
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Since the project saves $80,000 in costs each year, we treat these savings income for the next 4 years. We then calculate the Present value Interest Factor of an annuity using the formula :

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3 years ago
Which of the following is true regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college c
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Answer:

All of these options is true

Explanation:

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It provides information regarding the organization's operation as well as the revenue generated.

Revenue earned is collated as receipts and included in the statement of revenue and expenses.

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Which of the following tasks is likely to be done by the HR department?
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