6.Company X issues 30,000 shares of $10 par value common stock for $12 per share. What is the journal entry to record the issuance of the stock?

f. Dr. Cash 360,000; Cr. Common Stock 360,000

g. Dr. Cash 360,000; Cr. Common Stock $10 par value 300,000;

Cr. Paid-In Capital in Excess of Par Value, Common 60,000

h. Dr. Common Stock 360,000; Cr. Cash 360,000;

i. Dr. Cash 360,000; Cr. Common Stock $10 stated value 300,000;

Cr. Paid-In Capital in Excess of Stated Value, Common 60,000

j. None of the above

7. Company X purchases 1,000 shares of its own $10 par value common stock for $40000 What is the journal entry to record the purchase of the 1000 shares of treasury stock?

A. Dr. Cash 40000; Cr. Treasury Stock-- Common 40000.

B. Dr. Treasury Stock-- Common 40000.Cr. Cash 40000

C. Dr. Cash 40000; Cr. Common Stock 40000.

D. Dr. Common Stock 40000; Cr. Cash 40000

8. In the Stockholders Equity section of the balance sheet, what is the correct number sequence, from top to bottom, for listing the following four accounts:

Number Accounts:

1. Common Stock

2. Treasury Stock

3. Preferred Stock

4. Retained Earnings

a. 1-2-3-4

b. 1-3-2-4

c. 4-3-2-1

d. 4-3-1-2

e. None of the above

10. Currently, Apple stock sells for $500 a share. Juan owns 100 shares of Apple stock. Apple splits its stock 10 for 1.

g. 100 shares; $500 per share

h. 1,000 shares; $50 per share

i. 100 shares; $50 per share

j. 1,000 shares; $500 per share

k. None of the above

9. How many of the following four accounts have a normal balance? BALANCE ACCOUNT NAME DEBITCREDIT TREASURY STOCK 10000 PAID-IN-CAPITAL IN EXCESS OF PAR20000 COMMON STOCK 30000 DIVIDENDS PAYABLE--COMMON 50000 A. 4 B. 3 C. 2 D. 1 E. O