Author Question: Subsidiary ledgers a. are used only for Accounts Payable and Accounts Receivable b. may be used ... (Read 88 times)

AEWBW · **on:** Jul 5, 2018

Subsidiary ledgers
a. are used only for Accounts Payable and Accounts Receivable
b. may be used for various general ledger accounts
c. may be used only for the Cash account
d. are never used for more than four accounts

Question 2

Matt Shaw buys 100 shares of common stock for 8,000 in January. The value of the stock fluctuates in a narrow range (averaging 8,700) throughout the year. In November, when it has a value of 9,500, he donates it to a not-for-profit entity.

On December 31, the stock has a fair value of 8,200 . At what amount should the entity value the stock on its December 31 statement of financial position?
a. 8,000
b. 8,200
c. 8,700
d. 9,500