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Closing the dividends account to Retained Earnings is not necessary if net income is
greater than dividends during the period.
Answer:
Match the ratios with the appropriate ratio computation by entering the appropriate
letter in the space provided.
Answer:
A factor purchases receivables from businesses for a fee and collects the remittances
directly from customers.
Answer:
The Fair Value Adjustment account can only have a credit balance or a zero balance.
Answer:
On January 1, 2015, Dreamy Company issued 30,000 shares of $2 par value common
stock for $150,000. On March 1, 2015, the company purchased 6,000 shares of its
common stock for $7 per share for the treasury. On June 1, 2015, 1,500 of the treasury
shares are sold for $10 per share. On September 1, 2015, 3,000 treasury shares are sold
at $5 per share.
Instructions
Journalize the stock transactions of Dreamy Company in 2015.
Answer:
