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Another exercise: X Corporation owes a trade creditor $30,000 on open account which the corporation does not have sufficient cash to pay. the trade creditor
Another exercise:
X Corporation owes a trade creditor $30,000 on open account which the corporation does not have sufficient cash to pay. the trade creditor suggests the X Corporation issue to him 750 shares of the $24 par value common stock, which is currently selling on the market at $40. Present the entry or entries that should be made on X Corporation's book.
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