Section 7. Summary Q35. Debits and credits On which side of a journal entry are the following transactions recorded? (1) Increases in asset accounts (2)
Q34. Treasury stock On December 1, 20×1, Entity A purchased 6,000 shares of its own common stock at $25 per share. Par value of common
Q33. Stock dividend (1) On January 25, 20×2, Entity A declared a 5% stock dividend on 800,000 shares of common stock. Par value of common
Q32. Cash dividend (1) On February 20, 20×1, Entity A declared a $2 per share cash dividend on 270,000 shares of common stock. (2) The
Section 6. Equity Q31. Issuance of common stock Entity A issued 30,000 shares of common stock at $17 per share. The par value of common
Q30. Repayment of bonds payable On November 1, 20×1, Entity A paid $70,000 to pay off bonds payable. The bonds payable had $70,000 book value