Which of the journal entries below is incorrectly recorded?

Amounts received for the par value of a firm's voting stock are called

Amounts received for the par value of a firm's voting stock are called ___________.

XYZ Company purchased some equipment for $120,000 on July 1 of Year 1. The equipment has an estimated useful life of 10 years and an estimated salvage value of $7,500. XYZ Company computes depreciation on a straight-line basis. How much depreciation should be recorded for Year 1?

XYZ Company is interested in disposing of one of its subsidiaries and is trying to decide on the maximum price it might be able to charge. Which valuation method below would the company be most likely to use?

_____ is/are a measure of the inflow of net assets from selling goods and providing services.

Unused materials for manufacturing products are called ______________.

In preparing its Year 1 adjusting entries, the XYZ Company neglected to adjust rental fees received in advance from the amount of rental fees earned during Year 1. Which of the following reflects the result of this error?

Firms may prepare reports of performance ___________________.

A debit balance is normal for all of the following accounts except _______________.