Tissues, Inc., began operations in January by issuing 10,000 shares of $0.10 par value common stock for $10 per share. It also issued 1,000 shares of $50 par value, 4%, noncumulative preferred stock for $50 each. Net income for the year was $500,000 and dividends were $44,000. The journal entry to record the issuance of the preferred stock includes a ______.
a. credit Preferred Stock $50,000
b. debit Preferred Stock $50,000
c. debit Cash $50,000
d. debit Cash $2,000
e. credit Preferred Stock $2,000
f. credit Cash $50,000
g. credit Cash $2,000
h. debit Preferred Stock $2,000
Answer:
a. credit Preferred Stock $50,000
c. debit Cash $50,000
Business
You might also like to view...
_____ are advantages that your audience directly receives from complying with your request
A) Internal benefits B) Accusatory statements C) External benefits D) Statements of gratitude E) Calls for action
Business
If an employer refuses to promote a qualified female to a management position because of her sex, this would be in violation of Title VII
Indicate whether the statement is true or false
Business