ACC 291 Final Exam - ACC 291 Final Exam University of Phoenix | UOP E Tutors

10) Logan Corporation issues 50,000 shares of $50 par value preferred
stock for cash at $60 per share. The entry to record the transaction will
consist of a debit to Cash for $3,000,000 and a credit or credits to
Preferred Stock for $2,500,000 and Paid-in Capital in Excess of Par Value—
Preferred Stock for $500,000.
Preferred Stock for $2,500,000 and Retained Earnings for $500,000.
Paid-in Capital from Preferred Stock for $3,000,000.
Preferred Stock for $3,000,000.
11) Jahnke Corporation issued 8,000 shares of €2 par value ordinary
shares for €11 per share. The journal entry to record the sale will include
a credit to Share Capital–Ordinary for €88,000.
a debit to Retained Earnings for €72,000.
a debit to Cash for €16,000.
a credit to Share Premium–Ordinary for €72,000.
12) Zoum Corporation had the following transactions during 2014:
I. Issued $125,000 of par value common stock for cash.
II. Recorded and paid wages expense of $60,000.
III. Acquired land by issuing common stock of par value $50,000.
IV. Declared and paid a cash dividend of $10,000.
V. Sold a long-term investment (cost $3,000) for cash of $3,000.
VI. Recorded cash sales of $400,000.
VII. Bought inventory for cash of $160,000.
VIII. Acquired an investment in Zynga stock for cash of $21,000.
IX. Converted bonds payable to common stock in the amount of $500,000.
X. Repaid a 6 year note payable in the amount of $220,000.