Homework Answers
5. (e) Debit; Statement of stockholders' equity
6. (e) 3,950 (1,900 + 2,050)
7. (d) Six (all expect depreciation, dividends, rent, sales revenue, and COGS)
8. (b) A credit to common stock for 5,000
Here's is the correct journal entry:
| Cash (25000*8) | 200,000 | |
| Common stock (25000*.2) | 5,000 | |
| Additional paid-in capital (25000*7.8) | 195000 |
9. (e) The expense is recognised before the payment of cash.
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