Principles of Financial Accounting Quiz over Corporate Accounts and Transactions

PROBLEM 1—CLASSIFICATION OF CORPORATE ACCOUNTS INSTRUCTIONS: Identify each of the items listed below as an asset, liability, stockholders’ equity, revenue, or expense, and indicate the normal balance of each account. PROBLEM 2—ANALYSIS OF CORPORATE TRANSACTIONS INSTRUCTIONS: Selected corporation transactions are listed below. For each transaction, indicate the account(s) to be debited and credited by inserting in the appropriate column the letter(s) that correspond to the accounts listed below. (Do not record amounts.) Problem 3 Lemonds Corp. Manufactures mountain bikes and distributes them through retail outlets in Oregon and Washington. Lemonds Corp. has declared the following annual dividends over a six-year period: Problem 4 A corporation has 2,000 shares of common stock outstanding when it declares a 5% stock dividend. Assuming the stock has a par value of $0.10 per share and a market value of $12 per share on the declaration date, what are the journal entries to be made on the date of declaration, the date of record, and the date that it is issued? Problem 5 A corporation has 2,000 shares of common stock outstanding when it declares a 50% stock dividend. The stock has a par value of $0.10 per share and the stock has a market value of $12 per share on the declaration date. What are the journal entries to be made on the date of declaration, the date of record, and the date that it is issued?

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