FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Amounts entered on the right side of an account in the journal are classified as __________?
Group of answer choices
debits
none of these
credits
balances
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- Below are transactions related to Tamarisk Company. a. b. C. The City of Pebble Beach gives the company 5 acres of land as a plant site. The fair value of this land is determined to be $78,560. 13,000 shares of common stock with a par value of $50 per share are issued in exchange for land and buildings. The property has been appraised at a fair value of $785,600, of which $186,030 has been allocated to land and $599,570 to buildings. The stock of Tamarisk Company is not listed on any exchange, but a block of 100 shares was sold by a stockholder 12 months ago at $69 per share, and a block of 200 shares was sold by another stockholder 18 months ago at $61 per share. No entry has been made to remove from the accounts for Materials, Direct Labor, and Overhead the amounts properly chargeable to plant asset accounts for machinery constructed during the year. The following information is given relative to costs of the machinery constructed. Materials used Factory supplies used Direct labor…arrow_forwardDo not give image formatarrow_forwardAmounts entered on the left side of an account in the journal are called what? Group of answer choices balances debits credits none of thesearrow_forward
- I just need part b onlyarrow_forwardplease and thank youarrow_forwardBramble Corporation was organized on January 1, 2022. It is authorized to issue 10,500 shares of 8%, $100 par value preferred stock, and 477,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. May Aug. Issued 75,500 shares of common stock for cash at $4 per share. Issued 5,650 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $86,500. The fair value of the land was $83,000. Issued 84,500 shares of common stock for cash at $4.25 per share. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $41,000 for services performed in helping the company organize. Issued 10,000 shares of common stock for cash at $6 per share. 1 Issued 2,500 shares of preferred stock for cash at $111 per share. Sept. Nov. 1 1 1arrow_forward
- 5. Who controls user access and monitors user activity? A. Individual users B. Master Supervisor C. Comptroller D. Master Administrator 6. What account type is considered a liability? A. Fixed Assets B. Accounts Receivable C. Bank D. Accounts Payable 7. Opening balances are entered: A. via the Gear menu B. on the day the expenses were incurred C. on the Chart of Accounts D. as a Journal Entry or directly into the account registerarrow_forwardAsked this question before but the answer does not allow me to scroll and see the account titles and debit/credit. Only shows a grid.arrow_forwardThe information below is taken from the shareholders' equity section of the statement of financial position for Cullumber Cable: Shareholders' equity Preferred shares, authorized 10,000,000 shares, 4,580,000 and 2,120,000 issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Common shares, authorized 25,000,000 shares, 1,000,000 and 2,120,000 shares issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity a. b. 2024 C. $12,824,000 5,000,000 135,560,000 (19,400,000) $133,984,000 Provide the journal entries for the following: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) 2023 The issuance of preferred shares during 2024. The repurchase of 1,120,000…arrow_forward
- A journal entry is not recorded on what date?a. Date of declaration.b. Date of record.c. Date of payment.d. A journal entry is recorded on all of the above dates.arrow_forwardInstructions The following equity investment transactions were completed by Romero Company during a recent year. Apr. July Sept. 10 Purchased 4,700 shares of Dixon Company for a price of $49 per share plus a brokerage commission of $120. 8 Received a quarterly dividend of $0.70 per share on the Dixon Company investment. 10 Sold 1,900 shares for a price of $41 per share less a brokerage commission of $75. Journalize the entries for these transactions. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers the nearest dollar.arrow_forwardDescribed below are certain transactions of Splish Corporation. The company uses the periodic inventory system. On February 2, the corporation purchased goods from Martin Company for $67,500 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 1. 2. 3. On April 1, the corporation bought a truck for $47,000 from General Motors Company, paying $5,000 in cash and signing a one-year, 10% note for the balance of the purchase price. On May 1, the corporation borrowed $82,400 from Chicago National Bank by signing a $91,040 zero-interest-bearing note due one year from May 1. 4. On August 1, the board of directors declared a $307,900 cash dividend that was payable on September 10 to stockholders of record on August 31.arrow_forward
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