Business, 20.02.2020 22:55 dayanaraa61
For each of the following independent events, identify the account that would be debited and the account that would be credited. The accounts for the first event are identified as an example.
(a) Received cash by issuing common stock
(b) Received cash for services to be performed in the future.
(c) Paid salaries payable.
(d) Provided services on account.
(e) Paid cash for operating expenses.
Answers: 3
Business, 22.06.2019 07:30
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Business, 22.06.2019 11:20
Mae jong corp. issues $1,000,000 of 10% bonds payable which may be converted into 10,000 shares of $2 par value ordinary shares. the market rate of interest on similar bonds is 12%. interest is payable annually on december 31, and the bonds were issued for total proceeds of $1,000,000. in accounting for these bonds, mae jong corp. will: (a) first assign a value to the equity component, then determine the liability component. (b) assign no value to the equity component since the conversion privilege is not separable from the bond.(c) first assign a value to the liability component based on the face amount of the bond.(d) use the “with-and-without” method to value the compound instrument.
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Business, 22.06.2019 12:40
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For each of the following independent events, identify the account that would be debited and the acc...
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