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Presented Below Are Accounts from the General Ledger Each of the Accounts Has Been Assigned an Identification Number,which

question 87

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Presented below are accounts from the general ledger:
$\begin{array}{ll}&\underline{\text { Account }}\\\text { 1. } &\text { Cash }\\\text { 2. } & \text { Accounts Receivable } \\\text { 3. } &\text { Prepaid Insurance }\\\text { 4. } & \text { Accounts Payable } \\\text { 5. } & \text { Common Shares } \\\text { 6. } & \text { Service Revenues } \\\text { 7. } & \text { Advertising Expense } \\\text { 8. } & \text { Salary Expense } \\\text { 9. } & \text { Interest Expense } \\\text { 10. } & \text { Income Tax Expense }\end{array}$

Each of the accounts has been assigned an identification number,which you will use as answers for the transactions described below.Enter the account numbers in the blank spaces under the headings Debit and Credit to indicate the accounts debited and credited when each transaction is recorded in a general journal.
$Presented below are accounts from the general ledger: \begin{array}{ll} &\underline{\text { Account }}\\ \text { 1. } &\text { Cash }\\ \text { 2. } & \text { Accounts Receivable } \\ \text { 3. } &\text { Prepaid Insurance }\\ \text { 4. } & \text { Accounts Payable } \\ \text { 5. } & \text { Common Shares } \\ \text { 6. } & \text { Service Revenues } \\ \text { 7. } & \text { Advertising Expense } \\ \text { 8. } & \text { Salary Expense } \\ \text { 9. } & \text { Interest Expense } \\ \text { 10. } & \text { Income Tax Expense } \end{array} Each of the accounts has been assigned an identification number,which you will use as answers for the transactions described below.Enter the account numbers in the blank spaces under the headings Debit and Credit to indicate the accounts debited and credited when each transaction is recorded in a general journal.$

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Ultra Vires Act

An action taken by a corporation or its officers that exceeds the powers granted by its charter or law.

Implied Powers

Powers not explicitly stated in the constitution or legal framework but are deemed necessary to implement the expressed powers.

Publicly Traded

describes a company whose shares are bought and sold on stock exchanges, available to general investors.

Securities Markets

Securities markets are financial markets where the trading of securities like stocks and bonds takes place, facilitating equity or debt capital formation and liquidity.