Question
16-20 Any balance in an unearned revenue account is reported as a(n) current liability long-term debt revenue unearned liability If stock is issued for less
16-20
Any balance in an unearned revenue account is reported as a(n)
current liability | ||
long-term debt | ||
revenue | ||
unearned liability |
If stock is issued for less than par value, the account
Paid-In Capital in Excess of Par Value is credited. | ||
Paid-In Capital in Excess of Par Value is debited if a debit balance exists in the account | ||
Paid-In Capital in Excess of Par Value is debited if a credit balance exists in the account. | ||
Retained Earnings is credited |
On October 1, Jerry's Carpet Service borrows $250,000 from First National Bank on a 3-month, $250,000, 8% note. The entry by Jerry's Carpet Service to record payment of the note and accrued interest on January 1 is
Notes Payable debit 255,000 Cash credit 255,000 | ||
Notes Payable debit 250,000 Interest Payable debit 5,000 Cash credit 255,000 | ||
Notes Payable debit 250,000 Interest Payable debit 20,000 Cash credit 270,000 | ||
Notes Payable debit 250,000 Interest Expense debit 5,000 Cash credit 255,000 |
On January 31, Exploration Co. reaquired 22,500 shares of its common stock at $31 per share. On April 20, the company sold 12,800 of the reacquired shares at $40 per share. On October 4, the company sold the remaining shares at $28 per share. What is the journal entry for October 4?
Debit cash 270,400; Debit Paid in capital treasury stock $29,100; Credit treasury stock 299,500. | ||
Debit cash 271,600; Debit Paid in capital treasury stock $29,100; Credit treasury stock 300,700. | ||
Debit cash 512,000; Credit Paid in capital treasury stock $396,800; Credit treasury stock $115,200. | ||
Debit cash 697,500; Credit Paid in capital treasury stock $115,200; Credit treasury stock $582,300. |
A stock split is a process by which a corporation reduces the par or stated value of its common stock and issues a proprotionate numer of additional shares.
True
False
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