IBM sold 20 computers on account of Saturn Technology whose unit sale price of computers is $1000. Both companies use perpetual inventory systems and the unit cost of computers is $500.

Which journal entry belongs to recognition of revenue for IBM?

_________________________.

IBM sold 20 computers on account of Saturn Technology whose unit sale price of the computer is $1000. Both companies use perpetual inventory systems and the unit cost of computers is $500.

Which journal entry belongs to the recognition of COGS for IBM?

_________________________.

IBM sold 20 computers on account of Saturn Technology whose unit sale price of computers is $1000. Both companies use perpetual inventory system and unit cost of computers is $500.

Sometime later Saturn Technology returned 5 of these computers. Which journal entries should

be the first journal entry prepared by IBM?

_________________________.

IBM sold 20 computers on account of Saturn Technology whose unit sale price of the computer is $1000. Both companies use perpetual inventory systems and the unit cost of computers is $500.

Sometime later Saturn Technology returned 5 of these computers. Which journal entries should be the second journal entry prepared by IBM

Mercury Corp. decides to issue 500.000 shares of $10 par value each on 26 July 2010. On 22 In August 2010, the underwriter sent a memo explaining that shares were sold for $11 each and money transferred. Which accounting treatment is correct regarding this transaction?

a. Cash accounts are debited $5M on 26 July.
b. Share Premiums account is credited $500K
c. Cash account is debited $5M on 22 August.
d. Unpaid Capital account is credited $5,5M

On June 1 Aspen Corp. has outstanding 200.000 shares of $1 par value of the common stock with a market value of $5 per share. On this date, the company declared and distributed a 5% stock dividend. Which of the following accounting treatment is correct regarding this transaction?

a. Cash accounts are debited $50K.
b. Capital Stock is debit $50K
c. Retained Earnings are debited $10K.
d. Retained Earnings are debited $50K.