Louisiana State University, Shreveport ACCT 701 Assessment 7 1)A company sold 100,000 shares of its own $10 par value preferred stock for $2,060,000

Question

Louisiana State University, Shreveport

ACCT 701

Assessment 7

1)A company sold 100,000 shares of its own $10 par value preferred stock for $2,060,000. The entry to record the sale would include a:

ABC Company sold a machine for $5,500 that originally cost $12,000. The balance of the Accumulated Depreciation account related to this equipment was $9,000. The entry to record the gain or loss on the disposal of this machine would include:

The following activity occurred during May 2016 for ABC Inc:

DATE

May 1 Owner invested $145,000 in cash in exchange for 1,000 shares of $1 par common stock.

May 4 Company sold $5,000 worth of goods. Customer paid half cash and half on account. The merchandise sold had a cost to the company of $3,500.

May 6 Accepted $500 of advance payments from customers for service to be provided next month.

May 27 Received a utility bill for $450. Payment is due in 30 days. The company decides to wait exactly 30 days to pay.

May 29 Mr. Jones paid in full the outstanding debt he had with the company. May 31: The company declares a stock split.

Using the information above, what journal entry would be required to record the transaction of May 1?

The following activity occurred during May 2016 for ABC Inc: DATE

May 1 Owner invested $145,000 in cash in exchange for 1,000 shares of $1 par common stock.

May 4 Company sold $5,000 worth of goods. Customer paid half cash and half on account. The merchandise sold had a cost to the company of $3,500.

May 6 Accepted $500 of advance payments from customers for service to be provided next month.

May 27 Received a utility bill for $450. Payment is due in 30 days. The company decides to wait exactly 30 days to pay.

May 29 Mr. Jones paid in full the outstanding debt he had with the company. May 31: The company declares a stock split.

Using the information above, what journal entry would be required to record the transaction of May 4?

The following activity occurred during May 2016 for ABC Inc:

DATE

May 1 Owner invested $145,000 in cash in exchange for 1,000 shares of $1 par common stock.

May 4 Company sold $5,000 worth of goods. Customer paid half cash and half on account. The merchandise sold had a cost to the company of $3,500.

May 6 Accepted $500 of advance payments from customers for service to be provided next month.

May 27 Received a utility bill for $450. Payment is due in 30 days. The company decides to wait exactly 30 days to pay.

May 29 Mr. Jones paid in full the outstanding debt he had with the company. May 31: The company declares a stock split.

Using the information above, what journal entry would be required to record the transaction of May 27?

The following activity occurred during May 2016 for ABC Inc:

DATE

May 1 Owner invested $145,000 in cash in exchange for 1,000 shares of $1 par common stock.

May 4 Company sold $5,000 worth of goods. Customer paid half cash and half on account. The merchandise sold had a cost to the company of $3,500.

May 6 Accepted $500 of advance payments from customers for service to be provided next month.

May 27 Received a utility bill for $450. Payment is due in 30 days. The company decides to wait exactly 30 days to pay.

May 29 Mr. Jones paid in full the outstanding debt he had with the company. May 31: The company declares a stock split.

Using the information above, what journal entry would be required to record the transaction of May 31?

ABC Company sold a machine for $56,000 that originally cost $306,000. The balance of the Accumulated Depreciation account related to this equipment was $240,000. The entry to record the gain or loss on the disposal of the machine would include.

Company A gave land to an employee as payment for services rendered. The land originally cost

$43,000 when the Company bought it, but it had a value of $52,000 on the date it was given to the employee. Make the journal entry (or entries) necessary to record this transaction.