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Please help check weather the answers are correct or not Journal Entries - Part 1 of Stmt of Cash Flows a. Issued shares: NumberofsharesParValueperSharePricepershare2,500$2.00$10.00 b.
Please help check weather the answers are correct or not
Journal Entries - Part 1 of Stmt of Cash Flows a. Issued shares: NumberofsharesParValueperSharePricepershare2,500$2.00$10.00 b. Bought Equipment Purchase Price $85,000 Cash Paid $40,000 LT Payable for Balance $45,000 c. Paid down a LT Note Payable d.Soldequipment:Cost$100,000 Accumulated Depreciation $72,000 Sales Price $36,000 e. Declared \& Paid Number of shares 160,000 (Prepare the JE for the DATE Of PAYMENT only) 192 points In Journal Entry a., when recording the sale of Common Stock, the Additional-Paid-in-Capital account is adjusted by $ 17500 202 points In Journal Entry a., when recording the sale of $2 par value Common Stock for $10, what account(s) are credited (n Shareholders' Equity Retained Earnings Common Stock Additional-Paid-In-Capital Common Stock Long-term Assets Long-term Liabilities Cash 1 point In Journal Entry b., the Equipment account is a(n): Long-term Asset, Intangible Asset Long-term Asset, PP\&E Expense Current Asset 1 point In Journal Entry c., when recording the PAYMENT of the LT Note Payable, what account is DEBITed? In Journal Entry c., when recording the PAYMENT of the LT Note Payable, what account is CREDITed? n Journal Entry d., the sale of equipment resulted in a Loss on Sale Gain on Sale 265 points In Journal Entry d., the amount of the Gain/Loss on the sale of equipment was: 1 point In Journal Entry d., the gain/loss on the sale of the equipment was: CREDITed DEBITed 28 1 point In Journal Entry e., when recording the PAYMENT of the Dividend, what account is DEBITed? Dividends Payable 29 In Journal Entry e., when recording the PAYMENT of the Dividend, what account is CREDITed? Cash XStep by Step Solution
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