A corporation issued 220 shares of its $5 par value common stock in payment of a $3,000 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Multiple Choice A $1,100 debit to Organization Expenses. A $3,000 debit to Legal Expenses. A $3,000 credit to Common Stock.

A corporation issued 220 shares of its $5 par value common stock in payment of a $3,000 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Multiple Choice A $1,100 debit to Organization Expenses. A $3,000 debit to Legal Expenses. A $3,000 credit to Common Stock.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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