On February 20, services valued at $60,000 relating to the organization of a corporation were performed inexchange for 1,000 shares of its $25 par value common stock.Complete the necessary journal entry by selecting the account names from the drop-down menus and entering thedollar amounts in the debit or credit columns.View transaction listJournal entry worksheet1On February 20, services valued at $60,000 relating to the organization of acorporation were performed in exchange for 1,000 shares of its $25 par valuecommon stock.Note: Enter debits before credits.DateFeb. 20General JournalDebitCredit

The issue of shares is the main source of generating finance for the company. The holder of the share is known as the owner of the company. The company has the power to issue these shares in exchange for assets. The company can also issue preference shares and raised long-term loans for finance.Working

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Accounting

On February 20, services valued at $60,000 relating to the organization of a corporation were performed in exchange for 1,000 shares of its $25 par value common stock. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

On February 20, services valued at $60,000 relating to the organization of a corporation were performed in exchange for 1,000 shares of its $25 par value common stock. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

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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