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$16.$Unearned Rental Revenue

A$).$ is a contra account to Rental Revenue.

B$).$ is a revenue account.

C$).$ is reported as a current liability.

D$).$ is debited when rent is received in advance.

$17.$ Sales taxes collected by a retailer are recorded by

A$.)$ crediting Sales Taxes Revenue.

B$).$ debiting Sales Taxes Expense.

C$).$ crediting Sales Taxes Payable.

D$).$debiting Sales Taxes Payable.

$18.$ Chaney Corporation issued $20,000$ shares of common stock on January $1,2014.$ The stock has par value of $$1\mathrm{.}00$ per share and was sold at $$30$ per share. The journal entry for this transaction would: A$)$ credit Cash $$600,000,$ debit Common stock $$20,000,$ and debit Paid$-$in capital in excess of par $$580,000.$

B$)$ debit Cash $$600,000$ and credit Paid$-$in capital $$600,000.$

C$)$ debit Cash $$600,000,$ credit Common stock $$20,000,$ and credit Paid$-$in capital in excess of par $$580,000.$

D$)$ debit Cash $$600,000$ and credit Common stock $$600,000.$

$19.$ Lerner Company had the following transactions in $2013,$ its first year of operations.

Issued $20,000$ shares of common stock. Stock has par value of $$1\mathrm{.}00$ per share and was issued at $$14\mathrm{.}00$ per share.

Issued $1,000$ shares of $$100$ par value preferred stock. Shares were issued at par.

Earned net income of $$35,000.$

Paid no dividends.

At the end of $2013,$ what is the total amount of Stockholders' equity?

A$)$ $$415,000$

B$)$ $$120,000$

C$)$ $$260,000$

D$)$ $$380,000$

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