Clicker Question Preparation Guide: Ch. 11 & 12 Clicker questions will be asked in class based on your completion of this preparation guide. You will not have time to complete this quide in class! 3) Central Co. began the year with an accounts receivable balance of $55,000, and ended the year with an accounts receivable balance of $64,000. During the year, Central Co. recorded $440,000 of sales on account. How much cash did Central Co. collect from its customers during the year? 1) Ben Son Co. issues 4,000 shares of $1 par value common stock for $8 per share a. What is the journal entry to record this transaction? (You may or may not need all rows of this textbox 4) A&G Inc. began the year with an accounts payable balance related to inventory purchases of $20,000. The balance in the account at the end of the year was $4,000. During the year, A&G Inc. purchased $108,000 of inventory on account. How much cash did A&G Inc. pay for inventory purchases during the year? b. Ben Son Co. repurchases 400 of its own common shares for Treasury for S5 per share. What is the journal entry to record this transaction? (You may or may not need all rows of this textbox) c. Assuming the above transactions represent all of the common stock activity 5) Fill in the table by indicating if it is an increasing (+) or decreasing(-) transaction. of Ben Son Co., how many common shares are issued? Also indicate if it is an operating (O), investing (I), or financing (F), activity d. Assuming the above transactions represent all of the common stock activity +orO,I, or F of Ben Son Co., how many common shares are in treasury? a. Cash payment of dividends C. Cash payment for expenses e. Cash payment for interest expense g. Casn payment for repaymen ash payment for inventory ash pavment for wages ash payment for purchase of equipmen e. Assuming the above transactions represent all of the common stock activity of Ben Son Co., how many common shares are outstanding? 2) On Dec. 1, 2015, the board of directors of Merge Inc. declared a $4.00 per share cash dividend on 100,000 shares of $1 par value common stock. The dividend will be paid to stockholders' who own shares on Dec. 25, 2015. The dividend will be paid on Jan. 10, 2016. What journal entry, if any, is required on each of the following dates? a. Dec. 1, 2015 ash collection of accounts receivable ash collection of interest revenue ash collection ash proceeds from sale of equipment as dend revenue sale of common stoC b. Dec. 25, 2015 c. Jan. 10, 2016