1-

On March 1, 2010, Kilgar Co. purchased an automobile for $31,000, giving a $4,000 down payment. Kilgar signed a 4-year, 8% note and agreed to make payments of $659.15 per month. Which of the following journal entries will Kilgar makes for the first installment payment on April 1, 2010?

a. Note Payable 659.15

Cash 659.15

b. Note Payable 659.15

Interest Expense 180.00

Cash 659.15

Interest Payable 180.00

c. Note Payable 180.00

Interest Expense 479.15

Cash 659.15

d. Note Payable 479.15

Interest Expense 180.00

Cash 659.15

e. Note Payable 452.48

Interest Expense 206.67

Cash 659.15

2-

When it began operations in 2009, Nyob Corp. issued 250,000 shares of common stock. During 2010, Nyob issued an additional 150,000 shares of common stock and purchased 50,000 of its common stock and held it in treasury. The company is authorized to issue 500,000 shares. How many shares of Nyobs common stock were outstanding at the end of 2010?

Question 3 options:

	a. 50,000
	b. 150,000
	c. 200,000
	d. 350,000
	e. 450,000