accounting quiz 11 attempt 1

accounting quiz 11 attempt 1 - ACCOUNTING QUIZ 11 ATTEMPT 1...

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QUIZ 11 ATTEMPT 1 1. The date on which a dividend liability is increased. ANSWER: DECLARATION DATE 2. The date on which retained earnings is decreased.  ANSWER: DECLARATION DATE 3. The date on which everyone who owns stock will be paid a dividend. ANSWER: DATE OF RECORD 4. A debit is recorded to this account when a dividend is paid in the month following its declaration. ANSWER: DIVIDENDS PAYABLE 5. Emma Company has 60,000 shares issued and 10,000 Treasury shares. Ava wants to issue a 50 cent a share dividend. The amount Ava will declare dividends of. ANSWER: $25,000 6. The account that is debited when common stock is issued.  ANSWER: CASH ACCOUNT 7. Ava company sells 2,000 shares of common stock with a par value of $.50 for $5 a share. To record the transaction, the company would: ANSWER: debit Cash for $10,000, credit Common Stock for $1,000 and credit additional paid-in Capital for $9,000. 8.
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This note was uploaded on 01/19/2011 for the course ACC 2013 taught by Professor Noe during the Spring '08 term at Texas San Antonio.

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accounting quiz 11 attempt 1 - ACCOUNTING QUIZ 11 ATTEMPT 1...

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