On January 1, $362,400 of par value bonds with a carrying value of $388,000 is converted to 60,400 shares of $5 par value common stock. The entry to record the conversion of the bonds includes all of the following entries except:
A. Debit to Premium on Bonds Payable $25,600.
B. Debit to Bonds Payable $362,400.
C. Credit to Paid-In Capital in Excess of Par Value, Common Stock $86,000.
D. Debit to Bonds Payable $388,000.
E. Credit to Common Stock $302,000.
Answer: D
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After closing the temporary owners' equity accounts into Income Summary, and after allocating the net income and closing the partners' drawing accounts, assume the partners' capital accounts had credit balances as follows: Peluso, $20,000; Odin, $30,000; Nazaro, $45,000 . Partners share profits and losses as follows: Peluso, 20%; Odin, 30%; and Nazaro, 50%. If Peluso purchased Nazaro's interest
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_____, which are used to accumulate data about expenditures involved in producing specific products, make excellent use of IT to compile pricing data.
A. Enterprise resource planning systems B. Cost-accounting systems C. Human resources systems D. Supply chain management systems
When the accountant transfers the balance in each temporary revenue and expense account to the Retained Earnings account, this procedure is known as the closing of accounts
Indicate whether the statement is true or false
The first generation of computers was characterized by ____________________ tubes, and the second generation of computers was characterized by ____________________.
Fill in the blank(s) with the appropriate word(s).