On January 2, Carlton, Incorporated, issued 100 shares of $10 par value common stock for cash of $10 per share.Complete the necessary journal entry by selecting the account names from the drop-down menus and entering thedollar amounts in the debit or credit columns.View transaction listJournal entry worksheet1On January 2, Carlton, Inc., issued 100 shares of $10 par value common stockfor cash of $10 per share.Note: Enter debits before credits.DateJan. 2CashCommon stockGeneral JournalDebitCredit

Issue of Shares for cash is a one of the source of raising finance for a company. Equity…

Answered: Complete the necessary journal entry by…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following comments each relate to the recording of journal entries. Which statement is true? Question 1 Select one: a. Journalization is the process of converting transactions and events into debit/credit format. b. For any given journal entry, debits must exceed credits c. The chart of accounts reveals the amount to debit and credit to the affected accounts d. It is customary to record credits on the left and debits on the right
Gary Moss, owner of Moss Interiors, is negotiating for the purchase of Cullumber Galleries. The balance sheet of Cullumber is given in an abbreviated form below. Cullumber Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders' Equity Cash $124,000 Accounts payable $50,900 Land 71,900 Notes payable (long-term) 301,900 Buildings (net) 201,900 Total liabilities 352,800 Equipment (net) 176,900 Common stock Copyrights (net) 31,900 Retained earnings 253,800 Total assets $606,600 Total liabilities and stockholders' equity $606,600 Moss and Cullumber agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. Cullumber agrees to sell the gallery to Moss for $350,000. $232,900 20,900
Before processing a batch of invoices, the accounts payable clerk sums the quantities billed. The sum obtained is best described as a(n): A. financial total B. grand total C. record count D. hash total E. cross-footing total
Instructions 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.
Why are transactions recorded in the journal? Group of answer choices To ensure that total debit equal total credits To help prepare the financial statements To ensure that all transactions are posted to the ledger To have a chronological record of all transactions
The General Ledger How does posting journal entries work in a computerized accounting system? What does it mean when posting is done automatically? Explain.
Draw the diamond rule structure that help in recording journal entries in debit and credit columns in General Journal. Explain the structure and its parts.
46) The journal entry behind the screen that QuickBooks creates when a bill is recorded using the Enter Bills window includes: A) Debit Accounts Payable, Credit Checking accountB) Debit Checking account, Credit Accounts PayableC) Debit Expense account, Credit Accounts PayableD) Debit Accounts Payable, Credit Expense account Group of answer choices A B C D
It is the process of transferring the entries recorded in the journal to the respective accounts opened in the general ledger. a. Bookkeeping b. Posting c. Accounting d. Journalizing
Briefly explain the difference between a sales receipt and an invoice in QuickBooks
Which of the following will be the Correct source document assuming that your business issued invoices to customers each day? a. Debit note b. Receipt c. Purchase invoice d. Sales invoice
Instructions Adele Corp., a wholesaler of music equipment, issued $31,400,000 of 20-year, 5% callable bonds on March 1, 20Y1, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions Refer to the Chart of Accounts for exact wording of account fifles 20Y1 Mar. Sept. 20Y5 Sept. Chart of Accounts Journal 1 Issued the bonds for cash at their face amount. Paid the interest on the bonds 1 1 Called the bond issue at 103, the rate provided in the bond indenture. (Omit entry for payment of interest.) X

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Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.