Please quickly just say the correct answer. Don't explain ! On May 12, HK Corporation was formed with the capital of 300.000 TL by issuing 300.000 shares of stock with " 1 par value. Stocks were sold for 1.30 TL each, 3.000 TL commission was charged for selling stocks and the remaining receipts were deposited to the bank account of the business. а. 387.000 TL debit to 102-Bank; 3.000 TL debit to 653-Com. Expense and 300.000 TL credit to 110- Stocks; 90.000 TL credit to 520-A. Paid-in Capital b. 387.000 TL debit to 102-Bank; 3.000 TL debit to 653-Com. Expense and 300.000 TL credit to 501- Unpaid Capital; 90.000 TL credit to 520-A. Paid-in Capital С. 390.000 TL debit to 102-Bank and 300.000 TL credit to 501-Unpaid Capital; 87.000 TL credit to 520-A. Paid-in Capital; 3.000 TL credit to 653- Com. Expense d. 387.000 TL debit to 102-Bank; 3.000 TL debit to 653-Com. Expense and 300.000 TL credit to 110- Stocks; 90.00 TL credit to 645-MS Capital Gain

Please quickly just say the correct answer. Don't explain ! On May 12, HK Corporation was formed with the capital of 300.000 TL by issuing 300.000 shares of stock with " 1 par value. Stocks were sold for 1.30 TL each, 3.000 TL commission was charged for selling stocks and the remaining receipts were deposited to the bank account of the business. а. 387.000 TL debit to 102-Bank; 3.000 TL debit to 653-Com. Expense and 300.000 TL credit to 110- Stocks; 90.000 TL credit to 520-A. Paid-in Capital b. 387.000 TL debit to 102-Bank; 3.000 TL debit to 653-Com. Expense and 300.000 TL credit to 501- Unpaid Capital; 90.000 TL credit to 520-A. Paid-in Capital С. 390.000 TL debit to 102-Bank and 300.000 TL credit to 501-Unpaid Capital; 87.000 TL credit to 520-A. Paid-in Capital; 3.000 TL credit to 653- Com. Expense d. 387.000 TL debit to 102-Bank; 3.000 TL debit to 653-Com. Expense and 300.000 TL credit to 110- Stocks; 90.00 TL credit to 645-MS Capital Gain

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 10CDQ: Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total...

See similar textbooks

Similar questions

On January 20, HK Corporation was formed with the capital of 100.000 TL by issuing 100.000 shares of stock with " 1 par value. Stocks were sold for 1.21 TL each, 1.000 TL commission was charged for selling stocks and the remaining receipts were deposited to the bank account of the business. a. 120.000 TL debit to 102-Bank; 1.000 TL debit to 653-Com. Expense and 100.000 TL credit to 110-Stocks; 21.000 TL credit to 645-MS Capital Gain O b. 120.000 TL debit to 102-Bank; 1.000 TL debit to 653-Com. Expense and 100.000 TL credit to 501-Unpaid Capital; 21.000 TL credit to 520-A. Paid-in Capital O c. 121.000 TL debit to 102-Bank and 100.000 TL credit to 501-Unpaid Capital; 20.000 TL credit to 520-A. Paid-in Capital; 1.000 TL credit to 653-Com. Expense d. 120.000 TL debit to 102-Bank; 1.000 TL debit to 653-Com. Expense and 100.000 TL credit to 110-Stocks; 21.000 TL credit to 520-A. Paid-in Capital
On April 1st, Shareholders invested OMR 60,000 cash in exchange for ordinary :shares. The Journal Entry should be اخترأحد الخیارات a. DEBIT Cash OMR 60,000 and CREDIT Equipment OMR 60,000 b. DEBIT Cash OMR 60,000 and CREDIT Share Capital OMR 60,000 c. DEBIT Cash OMR 60,000 and CREDIT Accounts Receivable OMR 60,000 d. DEBIT Share Capital OMR 60,000 and CREDIT Cash OMR 60,000 e. None of the answers are correct
A. Journalized the following transactions and prepare the Trail Balance:January, 2021 1 Pak Wheel corporation issued 10,000 shares of common stock of Rs5 par value and received Rs53,000 cash. The company then purchased back 900 shares out of those at Rs6 per share. The company then resold 500 shares from treasury stock at Rs6.50 per share. 3 Pak Wheel corporation Company A issued 100,000 shares of preferred stock of $30 par value against $1,000,000 in cash and $2,000,000 worth of property, plant and equipment. They carry dividend of $3 per share. 7 Pak Wheel corporation took over the assets of Rs 19,00,000 and liabilities of R 3,00,000 from Shah Ltd. for a purchase consideration of Rs15,19,000. Pak Wheel corporation issued a promissory note of Rs 17,000 payable after 60 days in favour of Shah Ltd. and the balance amount was paid by issue of equity shares of Rs 100 each at a premium of Rs 25 per share. 16 The owner takes Rs10000 of goods out of the business for his own use.
A. Journalized the following transactions and prepare the Trail Balance:January, 2021 1 Pak Wheel corporation issued 10,000 shares of common stock of Rs5 par value and received Rs53,000 cash. The company then purchased back 900 shares out of those at Rs6 per share. The company then resold 500 shares from treasury stock at Rs6.50 per share. 3 Pak Wheel corporation Company A issued 100,000 shares of preferred stock of $30 par value against $1,000,000 in cash and $2,000,000 worth of property, plant and equipment. They carry dividend of $3 per share. 7 Pak Wheel corporation took over the assets of Rs 19,00,000 and liabilities of R 3,00,000 from Shah Ltd. for a purchase consideration of Rs15,19,000. Pak Wheel corporation issued a promissory note of Rs 17,000 payable after 60 days in favour of Shah Ltd. and the balance amount was paid by issue of equity shares of Rs 100 each at a premium of Rs 25 per share.
A limited was registered with an authorized capital of Rs. 6,00,000 in equity shares of Rs. 10 each. The following is its Trial balance on 31st March 2008 Debit Credit Rs. Rs. Goodwill 25,000 Cash 750 Bank 39,900 Purchases 1,85,000 Preliminary expenses 5,000 Share capital 4,00,00012% Debentures 3,00,000P and L account 26,250Calls-in-arrears 7,500Premises 3,00,000Plant and Machinery 3,30,000Interim dividend 39,250Sales 4,15,000Opening stock 75,000Furniture 7,200Sundry debtors 87,000
2-Olaf Inc. received a check from its underwriters for $83 million. This was for the issue of one million of its $5 par stock that the underwriters expect to sell for $83 per share. Which is the correct entry to record the issue of the stock? O dr. Cash $83,000,000; cr. Common stock $83,000,000. O. © dr. Cash $83,000,000; cr. Deferred stock issue revenue $38,000,000; cr. Common stock $5,000,000; cr. Paid-in capital-excess of par $40,000,000. O None of the options listed. O. © dr. Cash $83,000,000; cr. Common stock $5,000,000; cr. Paid-in capital-excess of par $78,000,000. O. © dr. Cash $83,000,000; cr. Stock issue expense $38,000,000; cr. Stock contract receivable $45,000,000.
X,Y Company Ltd was registered with an authorized capital of Rs.8,000,000 divided into 800,000 ordinary shares of Rs.10 each. The company's books showed the following balances on June 30, 2011: Title of Account Cash in bank Accounts receivable Allowance for bad debts. Office supplies Merchandbe inventory 1.7.10 Prepaidinsurance Machinery-cost Allowance for depreciation-Machinery Preliminary expenses. Accounts payable 10% Bonds payable Paid up capital Retained ea mings Sales revenue Commission on income Sales retum & allowance. Purchases Transportation-in Purchases returns & allowances Salaries expenses Rent expenses Income taxexpenses Advertising expenses Data for Adjustments on June 30, 201. Debit 94,500, 150,000, 18,000 225,000 12,000 1,500,000, 10,000 20,000 900,000. 40,000 40,000 26,000 10,000 5,000 Credit 4,500 150,000 40,000 200,000 800,000 310,000 800,000 706,000 (g) Rent expenses for the year amounted to Rs. 30,000. (h) Merchandise inventory was valued on June 30, 2011 at…
A corporation sold 13,500 shares of its $10 par value common stock at a cash price of $14 per share. The entry to record this transaction would include: Multiple Choice A credit to Paid-in Capitam Excess of Par Value, Common Stock for $324,000. A credit to Common Stock for $189,000. A debit to Cash for $135,00.
The data below are from the records of Gomez, Inc. on December 31, 20x1:Accounts payable P720,000Cash balance, ABC Bank 1,120,000Cash overdraft with XYZ Bank 130,000Customers’ accounts with credit balances 50,000Dividends in arrears on preference shares 450,000Employees’ income tax payable 200,000Estimated warranty liability 80,000Estimated premium claims outstanding 75,000Income tax payable 480,000Notes Payable (issued in 20x1 maturing in semi-annualinstallments beginning April 1, 20x2 for 20 years) 4,000,000Salaries payable 320,000Required: 1. What amount shall be reported as total current liabilities on Gomez, Inc.’s statement of financial positionat December 31, 20x1
Thomas Company is issuing 4 000 ordinary shares, payable by instalments. Investors must pay $10 per share on application, $5 per share on allotment and there will be a final call of $2 payable at a later date to be decided by directors. The journal entry to record the application will be: Select one: O a. Debit Bank Trust account, credit Application. O b. Debit Cash, credit Allotment. O c. Debit Cash, credit Ordinary share capital. O d. Debit Application, credit Bank Trust Account.
On January 1, Star Corp sold 10,000 shares of stock at $26 per share. Later in the year, Star Corp acquired all the shares from the market paying $28 per share. Assuming the cost method is used, what is the debit to common stock from this transaction? (Lesson 12.3) (If you do not know this JE. you should review it.) O a.so Ob. $260,000 OC. $20,000 d.$280.000
Classify transactions by type of activity. E12.1 (LO 1), C Kiley Corporation had these transactions during 2022. a. Purchased a machine for $30,000, giving a long-term note in exchange. b. Issued $50,000 par value common stock for cash. c. Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000. d. Declared and paid a cash dividend of $13,000. e. Sold a long-term investment with a cost of $15,000 for $15,000 cash. f. Collected $16,000 from sale of goods. g. Paid $18,000 to suppliers. Instructions Analyze the transactions and indicate whether each transaction is an operating activity, investing activity, financing activity, or noncash investing and financing activity.