Company A issued 2,500 shares of its no par ordinary stock for cash. The price is $10 per share. The entry to record this transaction would be:
A: Debit Cash $25,000; credit Share Premium in Excess of Par Value $25,000.
B: Debit Cash $25,000; credit Ordinary Stock $25,000.
C: Debit Ordinary Stock $25,000; credit Cash $25,000.
D: Debit Treasury Stock $25,000; credit Cash $25,000.
A: Debit Cash $25,000; credit Share Premium in Excess of Par Value $25,000.
B: Debit Cash $25,000; credit Ordinary Stock $25,000.
C: Debit Ordinary Stock $25,000; credit Cash $25,000.
D: Debit Treasury Stock $25,000; credit Cash $25,000.
举一反三
- A company issued 20,000 shares of its $1 par value ordinary stock for cash. The price is $10 per share. The entry to record this transaction would be: A: Debit Cash $200,000; credit Ordinary Stock $20,000; credit Share Premium, Ordinary Stock $180,000. B: Debit Cash for $200,000; credit Ordinary Stock $200,000 C: Debit Ordinary Stock $20,000; debit Share Premium, Ordinary Stock $180,000; credit Cash $200,000. D: Debit Ordinary Stock $20,000; credit Cash $20,000.
- A corporation issued 6,000 shares of its $1 par value ordinary stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include: A: A debit to Ordinary Stock for $6,000. B: A debit to Land for $6,000. C: A credit to Land for $84,000. D: A credit to Share Premium, Ordinary Stock for $78,000.
- FastForward purchased $25,000 of equipment for cash. The Equipment asset account is _______________ for $25,000 and the cash account is _______________ for $25,000.
- A company receives £500 of cash as an additional investment in the company by its owner, Mary Smith. The company's Cash account is increased and Mary Smith, Capital is increased. Should the £500 entry to the Cash account and to Mary Smith, Capital be a debit or a credit, respectively? A: a debit; a debit B: a debit; a credit C: a credit; a debit D: a credit; a credit
- An attorney performs services of $1,100 for a client and receives $400 cash, with the remainder on account. The journal entry for this transaction would A: debit Cash, debit Service Revenue, credit Accounts Receivable. B: debit Cash, debit Accounts Receivable, credit Service Revenue. C: debit Cash, credit Service Revenue. D: debit Cash, credit Accounts Receivable, credit Service Revenue.