Acc 101 Accounting Principles 1 Corporations Quiz Review PDF
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Midlands Technical College
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Summary
This document is a review of accounting principles focusing on corporations including journal entries for issuing stock and cash dividends. It includes a quiz review of how to calculate dividend values based on preferred stock parameters.
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**ACC 101 -- ACCOUNTING PRINCIPLES 1** **THINGS TO KNOW FOR CORPORATIONS QUIZ - WAGERS** ***[WHAT WILL THE QUIZ LOOK LIKE?]*** - You will have to record the **journal entries for issuing stock** -- including stock that has a **par** or **stated** value, stock issued for **cash** as well...
**ACC 101 -- ACCOUNTING PRINCIPLES 1** **THINGS TO KNOW FOR CORPORATIONS QUIZ - WAGERS** ***[WHAT WILL THE QUIZ LOOK LIKE?]*** - You will have to record the **journal entries for issuing stock** -- including stock that has a **par** or **stated** value, stock issued for **cash** as well as stock issued for **other** **assets/services** - You will have to record the **journal entries for cash dividends** **on preferred stock** -- dec**l**aring the dividend, **paying** the dividend, recording the related **closing** entry - Your **best practice** to prepare for this quiz will be pages 1-2 of the "**Extra Practice Problems" for chapter 12** found in Content in D2L (although these pages contain a few additional items that will not be on this quiz.) The "Answers" are also given in Content in D2L. ***[REVIEW OF JOURNAL ENTRIES FOR ISSUING STOCK]*** - **ISSUANCE OF STOCK FOR [CASH]** - *Cash (amount = \# shares \* **issue price** per share) ()* *Common or Preferred Stock (amount = \# shares \* **par** value per share) ()* *PIC in Excess of Par Value (amount = \# shares \* **excess** per share) ()* - *Cash (amount = \# shares \* **issue** **price** per share) ()* *Common or Preferred Stock () (amount = \# shares \* **stated** value per share)* PIC in Excess of **Stated** Value () (amount = \# shares \* **excess** per share) --------------------------------------------------------------------------------- - *Cash (amount received) ()* *Common or Preferred Stock (amount received) ()* - **ISSUANCE OF STOCK FOR [SERVICES OR ASSETS OTHER THAN CASH]** - - ***[REVIEW OF JOURNAL ENTRIES FOR CASH DIVIDENDS (FOR PREFERRED STOCK ONLY)]*** - **DATE OF DECLARATION** *Cash Dividends Declared ()* *Cash Dividends Payable ()* *Preferred dividend amount = dividend % \* preferred stock par value per share \* \# preferred shares outstanding* 1. **DATE OF RECORD -** n**o entry on this date - just make list of who owns our stock!** - **DATE OF PAYMENT** *Cash Dividends Payable ()* *Cash ()* - **RELATED CLOSING ENTRY** *Retained Earnings ()* *Cash Dividends Declared ()*
