8) Advertisement payable is classified as a(n) *

a- Revenue

b- Expense

c- Current asset

d- Current liability

9) When a company collects sales taxes from a customer, it will be recorded by *

a- Crediting Sales Taxes Revenue

b- Debiting Sales Taxes Payable

c- Crediting Sales Taxes Payable

d- Debiting Sales Taxes Expense

10) A large stock dividend is defined as *

a- less than 30% but greater than 25% of the corporation's issued stock

b- more than 2025% of the corporation's issued stock

c- between 50% and 100% of the corporation's issued stock

d-more than 30% of the corporation's issued stock

11) On January 1, 2020, Samsung Corporation has 400,000 shares of $4 par value common stock outstanding. On the same date, the corporations board of directors declares a 30% stock dividend to be issue on March 2, 2020. On the declaration date, the corporations common stock fair market value is $5. On declaration date, the corporation will record: *

a- Debit Common Stock Dividend Distributable $360,000

b- Credit Common Stock Dividend Distributable $360,000

c- Debit Common Stock Dividend Distributable $480,000

d- Credit Common Stock Dividend Distributable $480,000