Montauk Oil Company reports these account balances at December 31, Year 1 Accounts Payable Land Notes Payable Equipment Cash Accounts Receivable Buildings Capital Stock Retained Earnings Multiple Choice On January 2 Year 2, Montauk Oll collected $46,000 of its accounts receivable and paid $16,000 of its accounts payable. In a trial balance prepared at December 31, Year 1 the total of the debit column is: $1,000,000. O $1,504,000. O $684,000. $ 106,000 196,000 256,000 156,000 $760,000. 76,000 96,000 236,000 336,000 66,000

On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts                                                Debit                  CreditCash                                                     $ 21,900Accounts Receivable                               36,500Allowance for Uncollectible Accounts                              $ 3,100Inventory                                                30,000Land                                                       61,600Accounts Payable                                                              32,400Notes Payable (8%, due in 3 years)                                   30,000Common Stock                                                                 56,000Retained Earnings                                                             28,500Totals                                                  $150,000             $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…

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12) ABSD INC.'s B.O.D's approved issuance of 5,000,000 share of $50 par value common stock. Currently 4,200,000 shares are outstanding. Current stock price is $60 A 4% stock dividend is declared on March 1, 2020 and paid two months later. Show journal entries required to record declaration and payment of distribution.