Table 13-1
the Following Selected List of Accounts with Their

question 29

Multiple Choice

Table 13-1
The following selected list of accounts with their normal balances was taken from the general ledger of Grant Corporation as of December 31, 2014:
$\begin{array}{|l|r|}\hline \text { Cash } & \$ 173,500 \\\hline \text { Common shares, } 100,000 \text { shares authorized, } 38,000 \text { shares issued } & 190,000 \\\hline \text { Retained earning } & 131,500 \\\hline \text { Cash dividends payable } & 25,000 \\\hline \text { Preferred shares, } 300,000 \text { shares authorized } 200,000 \text { shares issued } & 500,000 \\\hline\end{array}$
-Refer to Table 13-1.The average issue price of a common share was:

• A) $3.80
• B) $1.90
• C) $5.00
• D) $0.95

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Definitions:

Death

The cessation of all biological functions that sustain a living organism.

Asset Account

An account that records entries for tangible or intangible items that hold value for an entity, such as cash, inventory, property, and equipment.

Expense Account

An account that tracks the costs incurred by a company in the process of earning revenue.

Liability Account

An accounting record that captures the amounts owed by a business to others, representing its debts or obligations.