Using the Following Accounts

question 34

Multiple Choice

Using the following accounts:
Indicate the account(s) to be debited and credited to record the following transaction.
-Exchanged common stock for a building and land when the stock was selling at a discount.
Debit ________ & ________ & ________ Credit ________

• A)Subscription receivable-common stock
• B)Cash
• C)Machinery
• D)Building
• E)Land
• F)Organization costs
• G)Preferred stock
• H)Common stock
• I)Paid in capital in excess of par value - common
• J)Paid in capital in excess of par value - preferred
• K)Common stock subscribed
• L)Discount on common stock
• M)Organization Expense

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Definitions:

Developing Countries

Refers to nations with lower living standards, undeveloped industrial bases, and low Human Development Index (HDI) relative to other countries.

Foreign Exchange

The conversion of one currency into another for the purpose of trade, travel, or investment in the global market.

Safety Valve

A mechanism, either physical or metaphorical, designed to prevent system overload by releasing excess pressure or providing an alternative route in times of crisis.

Nurses

Medical professionals primarily responsible for patient care, including administering treatments and medications, and providing support and advice to patients.