Entries by Munene david

Assume that actual overhead consisted of $20,000 for indirect labor

May 4, 2020 in /by

Assume that actual overhead consisted of $20,000 for indirect labor, $20,000 for indirect material, and $15,000 for depreciation of factory equipment. Based on the preset rates, $65,000 of overhead was applied to work in process. Which of the following statements is true? There will be a 5000 debit balance in factory overhead There will be […]

 

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Petty Corporation issued $100,000 of 3%, 10-year bonds on April 1,

May 4, 2020 in /by

Petty Corporation issued $100,000 of 3%, 10-year bonds on April 1, 201, at 103. Interest is paid on April 1 and October 1. The proper entry to record issuance of the bonds includes a debit to Cash for ____________   Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”

 

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Which of the following statements about treasury stock is true?<

May 4, 2020 in /by

Which of the following statements about treasury stock is true?<br/><br/><br/>Excess of the sales price over cost should be credited to retained earnings. Gains are not recorded on treasury stock transactions but losses are. Losses on treasury stock transactions are recorded in income. Purchasing treasury stock requires a debit to the common stock account. Purchasing treasury […]

 

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Bowie Company has 100,000 shares of common stock outstanding

May 4, 2020 in /by

Bowie Company has 100,000 shares of common stock outstanding. On April 15, the board declared a $.30 dividend to be paid to stockholders of record on May 4. The dividend was distributed on May 15. The proper journal entry for Bowie Company on May 15 does includes ____________. Question 19 options: a debit to Cash […]

 

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