Homework Answers
Correct answer is "Cash Account is debited"
Reason
Debit a cash account, then this means that the amount of cash on hand increases and Common Stock is credited when a corporation issues new shares of common stock.
Wrong Answer or not the correct asnwer reasons
Account Receivable used when we are made sale.
Account Payable used when we are purchasing.
Common Stock is credited when a corporation issues new shares of common stock.
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Loki Corporation received cash of $40,000 and issued common stock. Which of the following accounts will...
River Corporation had the following beginning balances: Cash $120,000 Accounts Receivable 40,000 Supplies 25,000 Accounts Payable...
River Corporation had the following beginning balances: Cash $120,000 Accounts Receivable 40,000 Supplies 25,000 Accounts Payable 20,000 Common Stock 50,000 Retained Earnings 115,000 If ending assets for River Corporation were $200,000, net income was $75,000, and dividends paid were $20,000, what was ending liabilities for River Corporation. Show your work to receive full and partial credit.
rest Jan. 1: The business received $38,000 cash and issued common stock to Smith. Date Accounts...
rest Jan. 1: The business received $38,000 cash and issued common stock to Smith. Date Accounts and Explanation Jan. 1 Debit Credit eived * More Info Jan. 1 The business received $38,000 cash and issued common stock to Smith. 2 Purchased medical supplies on account, $19,000. 4 Performed services for patients receiving $1,400. 12 Paid monthly office rent of $2,700. 15 Recorded $7,000 revenue for services rendered to patients on account. Print Done
Land Corporation reported the following: Common Stock, $5.00 par, 208,000 shares authorized, 162,000 shares issued Paid...
Land Corporation reported the following: Common Stock, $5.00 par, 208,000 shares authorized, 162,000 shares issued Paid in Capital in Excess of Par—Common Retained Earnings Total Stockholders' Equity $810,000 200,000 215,000 $1,225,000 Which of the following is included in the entry to record the corporation's purchase of 40,000 shares of its common stock for $15.50 per share? O A. Paid – In Capital from Treasury Stock Transactions is credited for $430,000. OB. Retained Earnings is debited for $620,000. OC. Common Stock-$5.00...
Which accounts are increased by debits? A. Salaries Expense and Common Stock. B. Cash and Accounts...
Which accounts are increased by debits? A. Salaries Expense and Common Stock. B. Cash and Accounts Payable. C. Accounts Payable and Service Revenue. D. Accounts Receivable and Utilities Expense.
Land Corporation reported the following: Common Stock, $5.00 par, 217,000 shares authorized, 178,000 shares issued $890,000...
Land Corporation reported the following: Common Stock, $5.00 par, 217,000 shares authorized, 178,000 shares issued $890,000 Paid in Capital in Excess of Par—Common 202,000 Retained Earnings 231,000 Total Stockholders' Equity $1,323,000 Which of the following is included in the entry to record the corporation's purchase of 40,000 shares of its common stock for $13.50 per share? OA. Paid - In Capital from Treasury Stock Transactions is credited for $190,000. OB. Treasury Stock-Common is debited for $540,000. OC. Common Stock-$5.00 Par...
Question 6 Loki Corporation earned net income of $90,000 during the year ended December 31 2016....
Question 6 Loki Corporation earned net income of $90,000 during the year ended December 31 2016. On December 15, Loki had declared the annual cash dividend on its $0.35 preferred shares (5,000 shares issued for $80,000) and a $0.40 per share cash dividend on its common shares (20,000 shares issued for $60,000). Loki then paid the dividends on January 4, 2017. Journalize the following for Loki Corporation: Declaring the cash dividends on December 15, 2016. Paying the...
Murray contributed $61,000 cash to the business, Taylor Murray, Attorney. The business issued common stock to...
Murray contributed $61,000 cash to the business, Taylor Murray, Attorney. The business issued common stock to Murray. Purchased office supplies, $800, and furniture, $1,300, on account. Performed legal services for a client and received $1,500 cash. Purchased a building with a market value of $90,000, and land with a market value of $30,000. The business paid $30.000 cash and signed a note payable to the bank for the remaining amount. Prepared legal documents for a client on account, $700. Paid...
Yuma Corporation issued 25,000 shares of $20 stated-value common stock for $24 per share. Which of...
Yuma Corporation issued 25,000 shares of $20 stated-value common stock for $24 per share. Which of the following statements is true? The Cash account will increase by $500,000. The Paid-in Capital in Excess of Stated Value account will increase by $100,000. The Stock Payable account will increase by $600,000. The Common Stock account will increase by $600,000.
May 1: The business received cash of $105,000 and issued common stock to Zoe Wilke
The following transactions occurred for Wilke Technology Solutions: May 1: The business received cash of $105,000 and issued common stock to Zoe Wilke
May 1: The business received cash of $105,000 and issued common stock to Zachary Warren.
The following transactions occurred for Warren Technology Solutions May 1: The business received cash of $105,000 and issued common stock to Zachary Warren.
rest Jan. 1: The business received $38,000 cash and issued common stock to Smith. Date Accounts and Explanation Jan. 1 Debit Credit eived * More Info Jan. 1 The business received $38,000 cash and issued common stock to Smith. 2 Purchased medical supplies on account, $19,000. 4 Performed services for patients receiving $1,400. 12 Paid monthly office rent of $2,700. 15 Recorded $7,000 revenue for services rendered to patients on account. Print Done
Land Corporation reported the following: Common Stock, $5.00 par, 208,000 shares authorized, 162,000 shares issued Paid in Capital in Excess of Par—Common Retained Earnings Total Stockholders' Equity $810,000 200,000 215,000 $1,225,000 Which of the following is included in the entry to record the corporation's purchase of 40,000 shares of its common stock for $15.50 per share? O A. Paid – In Capital from Treasury Stock Transactions is credited for $430,000. OB. Retained Earnings is debited for $620,000. OC. Common Stock-$5.00...
Land Corporation reported the following: Common Stock, $5.00 par, 217,000 shares authorized, 178,000 shares issued $890,000 Paid in Capital in Excess of Par—Common 202,000 Retained Earnings 231,000 Total Stockholders' Equity $1,323,000 Which of the following is included in the entry to record the corporation's purchase of 40,000 shares of its common stock for $13.50 per share? OA. Paid - In Capital from Treasury Stock Transactions is credited for $190,000. OB. Treasury Stock-Common is debited for $540,000. OC. Common Stock-$5.00 Par...
Murray contributed $61,000 cash to the business, Taylor Murray, Attorney. The business issued common stock to Murray. Purchased office supplies, $800, and furniture, $1,300, on account. Performed legal services for a client and received $1,500 cash. Purchased a building with a market value of $90,000, and land with a market value of $30,000. The business paid $30.000 cash and signed a note payable to the bank for the remaining amount. Prepared legal documents for a client on account, $700. Paid...
The following transactions occurred for Wilke Technology Solutions: May 1: The business received cash of $105,000 and issued common stock to Zoe Wilke
The following transactions occurred for Warren Technology Solutions May 1: The business received cash of $105,000 and issued common stock to Zachary Warren.
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