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Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current market value of $3,000.Whichof the following is not part of the journal entry for tis transaction? A.Debiting Equipment for $3,000 B.Crediting Common Stock for $3,000 C.Crediting Common Stock for $2,400 D.Crediting Paid in Capital in Excess of Par_common for $600 My answer B Isaiah Corporation's Accounts Receivable increased by $35,00 and its Accounts Payable Decreased by $18,000.What is the net effect on cash from operations under the indirect method? A.-$53,000 B.+$35,000 C.+$17,000 D.-$18,000 My answer is c Case company has 5,000 shares of treasury cost that it purchased for $13 per share. It later resold 2,000 of those shares for $17 per share. The amount to be credited to Paid-in Capital--Treasury Stock is A.$26,000 B.$34,000 C.$8,000 D.$30,000
Enumerate the term- Cash discounts Offered to encourage prompt and early payment by buyer. Cash discounts are recorded in accounting records of both the buyer and the seller. S
1. An accountant records a transaction when cash is paid or received under which basis of accounting? cash deferred accrual liability 2. When unearned revenue is initially rec
Q. How to determine inventory cost? To place the proper evaluation on inventory a business must answer the question: Which costs must be included in inventory cost? After that
Recording and reporting stock transactions and cash dividends across two accounting cycles Davis Corporation was authorized to issue 100,000 shares of $10 par common stock and 5
A store receives $400 cash after offering a chain discount of 10/10/5 on a good. What was the list price? A. $492.20 B. $519.82 C. $533.33 D. $612.00
Please help journalize: -On January 1, 2017 Harmony issued 1,500 shares of $22 par, 8% preferred stock for $43,700. -On January 1, 2017 Harmony also issued 2,000 shares of common s
Q. What is Instance financial reporting? For instance financial reporting should - Provide information concerning an enterprise's past performance because such information i
Determine in brief about the SALES ACTIVITY Just as merchandizing businesses follow specific procedures to process and record purchases, they follow numerous procedures to proc
A of Surat consigned goods to B of Jaipur to be sold at or above invoice price. B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price real
1. For what reasons do corporations purchase the stock of other corporations? 2. Explain how marketable securities should be classified in the balance sheet. 3. Describe the valu
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