Tory Company received the first installment of $2,400 on a common stock subscription. The entry to record the collection would include a:
A) debit to Subscriptions Receivable-Common Stock for $2,400.
B) credit to Common Stock Subscribed for $2,400.
C) credit to Common Stock for $2,400.
D) credit to Subscriptions Receivable-Common Stock for $2,400.
Correct Answer:
Verified
Q104: The account that is a current asset
Q105: Using the following accounts:
Indicate the account(s) to
Q106: Using the following accounts:
Indicate the account(s) to
Q107: Using the following accounts:
Indicate the account(s) to
Q108: In the stockholders' equity section of a
Q110: Using the following accounts:
Indicate the account(s) to
Q111: Common Stock Subscribed is:
A) shown as an
Q112: Prepare the journal entries for Blitz Industries:
April
Q113: Identify the account types used in recording
Q114: Using the following accounts:
Indicate the account(s) to
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents