Assessment 7.docx - Assessment 7 1.A company sold 100,000...

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Assessment 71.A company sold 100,000 shares of its own $10 par value preferred stock for $2,060,000. The entry to record the sale would include a:
2. ABC Company sold a machine for $5,500 that originally cost $12,000. The balance of the Accumulated Depreciation account related to this equipment was $9,000. The entry to record the gain or loss on the disposal of this machine would include:
3. The following activity occurred during May 2016 for ABC Inc: DATEMay 1Owner invested $145,000 in cash in exchange for 1,000 shares of $1 par common stock. May 4Company sold $5,000 worth of goods. Customer paid half cash and half on account. The merchandise sold had a cost to the company of $3,500.May 6Accepted $500 of advance payments from customers for service to be provided next month. May 27 Received a utility bill for $450. Payment is due in 30 days. The company decides to wait exactly 30 days to pay. May 29 Mr. Jones paid in full the outstanding debt he had with the company. May 31: The company declares a stock split.

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