51. On June 1, $50,000 of treasury bonds were purchased between interest dates.  The broker commission was $500.  The bonds pay interest at 12%, which is paid semiannually on January 1 and July 1.  What is the total cost to be debited to the Investment - Treasury Bonds account? 
A. $50,000
B. $50,500
C. $49,500
D. $53,000

52. On June 1, $40,000 of treasury bonds were purchased between interest dates.  The broker commission was $600.  The bonds pay interest at 12%, which is paid semiannually on January 1 and July 1.  How much interest revenue will be recorded on July 1? 
A. $400
B. $406
C. $2,000
D. $2,400

53. Interest revenue on bonds is reported 
A. as an addition to the Investment in Bonds account
B. as part of Comprehensive Income but not as part of Net Income.
C. as part of other income
D. as part of operating income

54. Ruben Company purchased $100,000 of Evans Company bonds at 100 plus $1,500 in accrued interest.  The bond interest rate is 8% and interest is paid semi-annually.  The journal entry to record the purchase would be: 
A. Debit: Investment in Bonds $101,500; Credit: Cash $101,500
B. Debit: Investment in Bonds $100,000; Credit: Interest Revenue $1,500 and Cash $98,500
C. Debit: Investment in Bonds $100,000 and Interest Receivable $1,500; Credit: Cash $101,500
D. Investment in Bonds $100,000; Credit: Cash $100,000

55. Ruben Company purchased $100,000 of Evans Company bonds at 100 plus $1,500 in accrued interest.  The bond interest rate is 8% and interest is paid semi-annually.  The journal entry to record the receipt of interest on the next interest payment date would be: 
A. Debit: Cash $4,000; Credit: Interest Revenue $4,000
B. Debit: Cash $4,000; Credit: Interest Receivable $4,000
C. Debit: Cash $4,000; Credit: Interest Receivable $1,500 and Interest Revenue $2,500
D. Debit: Cash $2,500; Credit: Interest Revenue $2,500

56. Ruben Company purchased $100,000 of Evans Company bonds at 100.  Ruben later sold the bonds at $104,500 plus $500 in accrued interest.  The journal entry to record the sale of the bonds would be: 
A. Debit: Cash $105,000; Credit: Investment in Bonds $104,500 and Interest Revenue $500
B. Debit: Cash $105,000; Credit: Investment in Bonds $100,000 and Gain on Sale of Investments $5,000
C. Debit: Cash $104,500 and Interest Receivable $500; Credit: Investment in Bonds $100,000, Gain on Sale of Investments $4,500 and Interest Revenue $500
D. Debit: Cash $105,000; Credit: Investment in Bonds $100,000; Gain on Sale of Investments $4,500 and Interest Revenue $500

57. Jarvis Corporation makes an investment in 100 shares of Saxton Company's common stock. The stock is purchased for $45 a share plus brokerage fees of $280. The entry for the purchase is: 
A. Cash                                                             4,500
    Stock Investments - Saxton Company                  4,500
B. Stock Investments - Saxton Company          4,780
     Cash                                                                      4,780
C. Stock Investments  - Saxton Company        4,500
Brokerage Fee Expense                                   280
     Cash                                                                      4,780
D. Stock Investments  - Saxton Company         4,500
     Cash                                                                      4,500

58. Jacks Corporation purchases $200,000 bonds plus accrued interest for 2 months of $2,000 from Kennedy Company on March 1.  The bonds have an annual interest rate of 6% payable on June 30 and December 31. The entry to record the purchase of the bonds would include: 
A. Interest Receivable debit $2,000
B. Investment in Bonds debit $202,000.
C. Cash debit $200,000
D. Interest Revenue credit $2,000.

59. On April 1, 2011, Albert Company purchased $50,000 of Tetter Company’s 12% bonds at 100 plus accrued interest of $2,000. On June 30, 2011, Albert received its first semiannual interest.  On February 1, 2012, Albert sold $40,000 of the bonds at 103 plus accrued interest.  The journal entry Albert will record on April 1, 2011 for the purchase of the bonds will include: 
A. a credit to Interest Payable for $2,000.
B. a debit to Investments - Tetter Company for $52,000.
C. a debit for Cash of $50,000.
D. a debit to Investments - Tetter Company for $50,000.

60. The journal entry Stanton will record on June 30, 2014, will include: 
A. a credit to Interest Revenue for $2,400.
B. a debit to Cash for $3,600.
C. a credit to Cash for $2,400.
D. a credit to Interest Receivable for $1,200.

51. On June 1, $50,000 of treasury bonds were purchased between interest dates.  The broker commission was $500.  The bonds pay interest at 12%, which is paid semiannually on January 1 and July 1.  What is the total cost to be debited to the Investment - Treasury Bonds account? 
A. $50,000
B. $50,500
C. $49,500
D. $53,000

52. On June 1, $40,000 of treasury bonds were purchased between interest dates.  The broker commission was $600.  The bonds pay interest at 12%, which is paid semiannually on January 1 and July 1.  How much interest revenue will be recorded on July 1? 
A. $400
B. $406
C. $2,000
D. $2,400

53. Interest revenue on bonds is reported 
A. as an addition to the Investment in Bonds account
B. as part of Comprehensive Income but not as part of Net Income.
C. as part of other income
D. as part of operating income

54. Ruben Company purchased $100,000 of Evans Company bonds at 100 plus $1,500 in accrued interest.  The bond interest rate is 8% and interest is paid semi-annually.  The journal entry to record the purchase would be: 
A. Debit: Investment in Bonds $101,500; Credit: Cash $101,500
B. Debit: Investment in Bonds $100,000; Credit: Interest Revenue $1,500 and Cash $98,500
C. Debit: Investment in Bonds $100,000 and Interest Receivable $1,500; Credit: Cash $101,500
D. Investment in Bonds $100,000; Credit: Cash $100,000

55. Ruben Company purchased $100,000 of Evans Company bonds at 100 plus $1,500 in accrued interest.  The bond interest rate is 8% and interest is paid semi-annually.  The journal entry to record the receipt of interest on the next interest payment date would be: 
A. Debit: Cash $4,000; Credit: Interest Revenue $4,000
B. Debit: Cash $4,000; Credit: Interest Receivable $4,000
C. Debit: Cash $4,000; Credit: Interest Receivable $1,500 and Interest Revenue $2,500
D. Debit: Cash $2,500; Credit: Interest Revenue $2,500

56. Ruben Company purchased $100,000 of Evans Company bonds at 100.  Ruben later sold the bonds at $104,500 plus $500 in accrued interest.  The journal entry to record the sale of the bonds would be: 
A. Debit: Cash $105,000; Credit: Investment in Bonds $104,500 and Interest Revenue $500
B. Debit: Cash $105,000; Credit: Investment in Bonds $100,000 and Gain on Sale of Investments $5,000
C. Debit: Cash $104,500 and Interest Receivable $500; Credit: Investment in Bonds $100,000, Gain on Sale of Investments $4,500 and Interest Revenue $500
D. Debit: Cash $105,000; Credit: Investment in Bonds $100,000; Gain on Sale of Investments $4,500 and Interest Revenue $500

57. Jarvis Corporation makes an investment in 100 shares of Saxton Company's common stock. The stock is purchased for $45 a share plus brokerage fees of $280. The entry for the purchase is: 
A. Cash                                                             4,500
    Stock Investments - Saxton Company                  4,500
B. Stock Investments - Saxton Company          4,780
     Cash                                                                      4,780
C. Stock Investments  - Saxton Company        4,500
Brokerage Fee Expense                                   280
     Cash                                                                      4,780
D. Stock Investments  - Saxton Company         4,500
     Cash                                                                      4,500

58. Jacks Corporation purchases $200,000 bonds plus accrued interest for 2 months of $2,000 from Kennedy Company on March 1.  The bonds have an annual interest rate of 6% payable on June 30 and December 31. The entry to record the purchase of the bonds would include: 
A. Interest Receivable debit $2,000
B. Investment in Bonds debit $202,000.
C. Cash debit $200,000
D. Interest Revenue credit $2,000.

59. On April 1, 2011, Albert Company purchased $50,000 of Tetter Company’s 12% bonds at 100 plus accrued interest of $2,000. On June 30, 2011, Albert received its first semiannual interest.  On February 1, 2012, Albert sold $40,000 of the bonds at 103 plus accrued interest.  The journal entry Albert will record on April 1, 2011 for the purchase of the bonds will include: 
A. a credit to Interest Payable for $2,000.
B. a debit to Investments - Tetter Company for $52,000.
C. a debit for Cash of $50,000.
D. a debit to Investments - Tetter Company for $50,000.

60. The journal entry Stanton will record on June 30, 2014, will include: 
A. a credit to Interest Revenue for $2,400.
B. a debit to Cash for $3,600.
C. a credit to Cash for $2,400.
D. a credit to Interest Receivable for $1,200.

157.West Company declared a $0.50 per share cash dividend. The company has 190,000 shares issued, and 10,000 shares in treasury stock. The journal entry to record the payment of the dividend is:   

A.Debit Retained Earnings $90,000; credit Common Dividends Payable $90,000.

B.Debit Common Dividends Payable $95,000; credit Cash $95,000.

C.Debit Retained Earnings $5,000; credit Common Dividends Payable $5,000.

D.Debit Common Dividends Payable $90,000; credit Cash $90,000.

E.Debit Retained Earnings $95,000; credit Common Dividends Payable $95,000.

158.Fetzer Company declared a $0.55 per share cash dividend. The company has 200,000 shares authorized, 190,000 shares issued, and 8,000 shares in treasury stock. The journal entry to record the payment of the dividend is:   

A.Debit Retained Earnings $104,500; credit Common Dividends Payable $104,500.

B.Debit Common Dividends Payable $104,500; credit Cash $104,500.

C.Debit Retained Earnings $100,100; credit Common Dividends Payable $100,100.

D.Debit Common Dividends Payable $100,100; credit Cash $100,100.

E.Debit Retained Earnings $110,000; credit Common Dividends Payable $110,000.

159.Fargo Company's outstanding stock consists of 400 shares of noncumulative 5% preferred stock with a $10 par value and 3,000 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends. 

2015$20,000

2016$6,000

2017$32,000

A.$200 preferred; $19,800 common.

B.$4,000 preferred; $16,000 common.

C.$17,000 preferred; $3,000 common.

D.$10,000 preferred; $10,000 common.

E.$20,000 preferred; $0 common.

160.Halverstein Company's outstanding stock consists of 7,000 shares of cumulative 5% preferred stock with a $10 par value and 3,000 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends. 

2015$0

2016$6,000

2017$32,000

A.$3,500 preferred; $2,500 common.

B.$3,000 preferred; $3,000 common.

C.$0 preferred; $6,000 common.

D.$4,200 preferred; $1,800 common.

E.$6,000 preferred; $0 common.

161.Prior to June 30, a company has never had any treasury stock transactions. A company repurchased 100 shares of its $1 par common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 20 of the shares at $38 per share. What is the journal entry necessary to record the repurchase of stock on June 30?    

A.Debit Common Stock $4,000; credit Cash $4,000.

B.Debit Common Stock $100; debit Treasury Stock $3,900; credit Cash $4,000.

C.Debit Treasury Stock $3,900; debit Paid-in Capital, Treasury Stock $100; credit Cash $4,000.

D.Debit Treasury Stock, Common $4,000; credit Cash $4,000.

E.Debit Cash $4,000; credit Treasury Stock $4,000.

162.Prior to June 30, a company has never had any treasury stock transactions. A company repurchased 100 shares of its $1 par common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 20 of the shares at $38 per share. What is the journal entry necessary to record the reissuance of treasury stock on July 20?   

A.Debit Common Stock $2,300; credit Cash $2,300.

B.Debit Common Stock $20; debit Treasury Stock $2,290; credit Cash $2,300.

C.Debit Common Stock $2,300; credit Treasury Stock $2,000; credit Paid-In Capital, Treasury Stock $300.

D.Debit Cash $2,300; debit Paid-in Capital, Treasury Stock $300; credit Treasury Stock $2,000.

E.Debit Cash $2,300; credit Treasury Stock $2,300.

163.A corporation issued 2,500 shares of its no par common stock at a cash price of $11 per share. The entry to record this transaction would be:   

A.Debit Cash $27,500; credit Paid-in Capital in Excess of Par Value, Common Stock $2,500; credit Common Stock $25,000.

B.Debit Cash $27,500; credit Common Stock $27,500.

C.Debit Common Stock $27,500; credit Cash $27,500.

D.Debit Treasury Stock $27,500; credit Cash $27,500.

E.Debit Treasury Stock $2,500; debit Paid-in Capital in Excess of Par Value, Treasury Stock $25,000; credit Common Stock $27,500.

164.A corporation issued 5,000 shares of its no par common stock that was assigned a $1 stated value per share. The issue price was $10 per share. The entry to record this transaction would be:   

A.Debit Cash $50,000; credit Paid-in Capital in Excess of Par Value, Common Stock $45,000; credit Common Stock $5,000.

B.Debit Cash $50,000; credit Common Stock $50,000.

C.Debit Common Stock $50,000; credit Cash $50,000.

D.Debit Treasury Stock $50,000; credit Cash $50,000.

E.Debit Common Stock $25,000; debit Paid-in Capital in Excess of Par Value, Common Stock $5,000; credit Common Stock $45,000.

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