Using the Following Accounts

question 118

Short Answer

Using the following accounts:
[1]Cash
[2]Dividends payable
[3]Preferred stock
[4]Common stock
[5]Dividend distributable
[6]Paid-in capital in excess of par common stock
[7]Paid-in capital in excess of par preferred stock
[8]Paid-in capital from treasury stock
[9]Retained earnings
[10]Appropriation for plant expansion
[11]Treasury stock
[12]Income summary
Indicate the account(s) to be debited and credited to record the following transactions.
-Sold preferred stock at a price above par.
Debit ________ & ________ & ________ Credit ________ & ________ & ________

---

Definitions:

Containers Refurbished

Describes the process of cleaning, repairing, and possibly upgrading containers so they can be reused rather than disposed of.

Fixed and Variable Cost

Fixed costs remain constant regardless of the level of production or business activity, whereas variable costs change in proportion to the business's production volume.

Revenue Variance

The difference between actual revenue earned and the expected revenue, often analyzed for budgeting and performance assessment purposes.

Containers Refurbished

The process of cleaning, repairing, and restoring used containers to a condition suitable for reuse, extending their lifecycle.