Answer:
A) Debit to Additional Paid-In Capital for $14,000
Explanation:
When a company sells or rebuys stock it must record the transaction at par value in the Common Stock account. Any additional money received or paid in excess of par value has to be recorded in the Additional Paid-In Capital account.
In this case since the company paid an extra $1,400 for 1,000 shares, that amount has to be debited from the Additional Paid-In Capital account. Since this account is an asset account and it is decreasing, it has to be debited.
Answer:
A) 197it was founded in new York City
C. $18,644 is the correst answer. Hope this helped
Answer:
The Journal entries are as follows:
(i) On March 11,
Bad debt expense A/c Dr. $45,000
To accounts receivable $45,000
(To record uncollectible accounts receivable)
(ii) On March 29,
Accounts receivable A/c Dr. $45,000
To Bad debt expense A/c $45,000
(To record reversal of written off accounts receivable)
(iii) On March 29,
Cash A/c Dr. $45,000
To accounts receivable $45,000
(To record receipt of cash from customer)