Question :
62.Which of the following statements not correct?
A. The Paid-in Capital in : 1169099
62.Which of the following statements is not correct?
A. The Paid-in Capital in Excess of Par Value—Common Stock account appears in the Stockholders’ Equity section of the balance sheet.
B. The Subscriptions Receivable account is shown in the Stockholders’ Equity section of the balance sheet.
C. The balance of the Common Stock account appears in the Stockholders’ Equity section of the balance sheet.
D. The balance of the Preferred Stock account appears in the Stockholders’ Equity section of the balance sheet.
63.The entry to record the issuance of 1,000 shares of $10 par-value common stock for $14 a share consists of a debit to Cash for $14,000 and a credit to Common Stock for
A. $14,000.
B. $10,000 and a credit to Gain on Sale of Common Stock for $4,000.
C. $10,000 and a credit to Paid-in Capital in Excess of Par Value—Common Stock for $4,000.
D. $10,000 and a credit to Treasury Stock for $4,000.
64.The entry to record the issuance of 2,000 shares of $10 par-value common stock for $14 a share consists of a debit to Cash for $28,000 and a credit to Common Stock for
A. $28,000.
B. $20,000 and a credit to Gain on Sale of Common Stock for $8,000.
C. $20,000 and a credit to Treasury Stock for $8,000.
D. $20,000 and a credit to Paid-in Capital in Excess of Par Value—Common Stock for $8,000.
65.The entry to record the issuance of 500 shares of $10 par-value common stock for $14 a share consists of a debit to Cash for $7,000 and a credit to Common Stock for
A. $5,000 and a credit to Treasury Stock for $2,000.
B. $5,000 and a credit to Paid-in Capital in Excess of Par Value—Common Stock for $2,000.
C. $5,000 and a credit to Gain on Sale of Common Stock for $2,000.
D. $7,000.
66.The entry to record the issuance of 1,000 shares of $2 stated-value common stock for $10 a share consists of a debit to Cash for $10,000 and a credit to Common Stock for
A. $10,000.
B. $2,000 and a credit to Paid-in Capital in Excess of Par Value—Common Stock for $8,000.
C. $2,000 and a credit to Paid-in Capital in Excess of Stated Value—Common Stock for $8,000.
D. $2,000 and a credit to Gain On Sale of Common Stock for $8,000.
67.A corporation received a subscription for 100 shares of 10 percent, $100 par-value preferred stock at $103 a share. The entry to record this transaction consists of a debit to Subscriptions Receivable—Preferred for $10,300 and a credit to
A. Preferred Stock Subscribed for $10,300.
B. Preferred Stock Subscribed for $10,000 and a credit to Gain on Sale of Preferred Stock for $300.
C. Preferred Stock for $10,000 and a credit to Retained Earnings for $300.
D. Preferred Stock Subscribed for $10,000 and a credit to Paid-in Capital in Excess of Par Value—Preferred Stock for $300.
68.A corporation received a subscription for 200 shares of 10 percent, $100 par-value preferred stock at $103 a share. The entry to record this transaction consists of a debit to Subscriptions Receivable—Preferred for $20,600 and a credit to
A. Preferred Stock for $20,000 and a credit to Retained Earnings for $600.
B. Preferred Stock Subscribed for $20,000 and a credit to Gain on Sale of Preferred Stock for $600.
C. Preferred Stock Subscribed for $20,000 and a credit to Paid-in Capital in Excess of Par Value—Preferred Stock for $600.
D. Preferred Stock Subscribed for $20,600.
69.A corporation received a subscription for 1,000 shares of 10 percent, $100 par-value preferred stock at $103 a share. The entry to record this transaction consists of a debit to Subscriptions Receivable—Preferred for $103,000 and a credit to
A. Preferred Stock for $100,000 and a credit to Retained Earnings for $3,000.
B. Preferred Stock Subscribed for $100,300.
C. Preferred Stock Subscribed for $100,000 and a credit to Paid-in Capital in Excess of Par Value—Preferred Stock for $3,000.
D. Preferred Stock Subscribed for $100,000 and a credit to Gain on Sale of Preferred Stock for $3,000.
70.An investor agrees to pay a preferred stock subscription in two monthly installments. Each collection will include a debit to Cash and a credit to
A. Preferred Stock.
B. Preferred Stock Subscribed.
C. Subscriptions Receivable—Preferred.
D. Common Stock Subscribed.
71.TrustOne Corporation issued 10,000 shares of no-par common stock, $3 stated value in exchange for $45,000. The entry to record the issuance includes a:
A. Debit to Cash for $30,000 and a debit to Paid in Capital in Excess of Stated Value of $15,000.
B. Debit to Common Stock for $45,000.
C. Credit to Common Stock for $30,000.
D. Credit to Common Stock for $45,000.
72.The transfer of stock between shareholders is
A. recorded in the general journal.
B. recorded in the capital stock transfer journal.
C. recorded in the minute book.
D. not recorded by the corporation.
