Multiple Choice
High Country Ltd issued 50 000 shares for $1 each on 23 May. The correct entry to record this transaction is:
A) DR Bank $50 000; CR Share capital $50 000
B) DR Bank $50 000; CR Shareholder's equity $50 000
C) DR Bank $50 000; CR Retained earnings $50 000
D) DR Share capital $50 000; CR Bank $50 000
Correct Answer:
Verified
Correct Answer:
Verified
Q53: The balance in the profit or loss
Q54: The main reason for preparing a post-closing
Q55: Closing which of the following accounts results
Q56: Which statement relating to closing entries is
Q57: Which adjustment would never require a reversing
Q58: At the end of the reporting period,
Q60: Closing entries refer to:<br>A) establishing zero balances
Q61: Balance sheet accounts are known as_ accounts
Q62: Which of the following statements relating to
Q63: Which of the following is not recorded