1.Our company is authorized to issue 100,000 shares of no par value common stock. On August 21 we issued 20,000 shares for $11 per share. What account(s) and amount(s) would we debit when we record the journal entry for this transaction?

a.cash, $220,000

b.common stock, $220,000

c.common stock, $1,100,000

d. cash, $1,100,000

2.Our company is authorized to issue 100,000 shares of no par value common stock. On August 21 we issued 20,000 shares for $11 per share. What account(s) and amount(s) would we credit when we record the journal entry for this transaction?

a. $220,000

b.common stock, $220,000

c.common stock, $1,100,000

d.cash, $1,100,000

3.On September 12, our company purchased 2,000 shares of the company's $1 par value common stock as treasury stock, paying $9 cash. What account(s) and amount(s) would we debit when we record the journal entry for this transaction?

a.cash, $2,000

b.common stock, $18,000

c.treasury stock, $18,000

d.treasury stock, $2,000

4,On September 12, our company purchased 2,000 shares of the company's $1 par value common stock as treasury stock, paying $9 cash. What account(s) and amount(s) would we credit when we record the journal entry for this transaction?

a.cash, $2,000

b.treasury stock, $2,000

c.treasury stock, $18,000

d.cash, $18,000

5.June 1(date of declaration), the company's board of directors announces the intention to pay a $0.50 per share dividend on the 1,000,000 outstanding shares of common stock to the stockholders of record on June 15. The payment date for the cash dividend is June 30. What account and amount would we debit when we record the journal entry on the date of payment?

a.dividends, $500,000

b.dividends payable, $500,000

c.cash, $500,000

d.no entry required