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problem 1: Post Company issues 10,000 shares of $5 par value common stock for $20 a share. The accounting entry for this transaction is:

a) Debit cash -$200,000 and credit Common Stock - $200,000.

b) Debit cash -$50,000 and credit Common Stock - $50,000.

c) Debit cash -$200,000, debit Additional Paid in Capital - $50,000 and credit Common Stock - $200,000,

d) Debit cash -$200,000 and credit Common Stock - $50,000, credit Additional Paid in Capital - $150,000.

problem 2: Dividends become the liability of corporation:

a) On the date, the board of directors declares the dividend.

b) On the date of record.

c) On the date payment is made.

d) When favored dividends have not been paid.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M915964

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