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3 years ago

Capital and drawings are classified as

Business

1 answer:

VMariaS [17]3 years ago

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Answer:

Since the capital account and owner's equity accounts are expected to have credit balances, the drawing account (having a debit balance) is considered to be a contra account. In addition, the drawing account is a temporary account since its balance is closed to the capital account at the end of each accounting year.

Explanation:

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Answer:

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2 years ago

Treasury stock that had been purchased for $4,566 last month was reissued this month for $5,184. What would the journal entry to

miss Akunina [59]

Answer:

The answer can include both C and D. Description below.

Explanation:

We make the following records.

The treasury stock was reissued at a premium of 5184 - 4556 = $628

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$628 is to be credited to the paid in capital as this is premium received in excess of par value of the stock. Since there is no mention of premium or paid in capital account we may credit the Excess of Par/Common.

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3 years ago

Capital and drawings are classified as ​

Capital and drawings are classified as