The journal entry for the issuance of 150 shares of $5 par common stock at par to an attorney in payment of legal fees for organızing the corporation includes a credit toO a. Organizational ExpensesO b. GoodwillO c. Common StockO d. Cash

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Description: The journal entry for the issuance of 150 shares of $5 par common stock at par to an attorney in payment of legal fees for organızing the corporation includes a credit toO a. Organizational ExpensesO b. GoodwillO c. Common StockO d. Cash

Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses…

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The journal entry for the issuance of 150 shares of $5 par common stock at par to an attorney in payment of legal fees for organızıng the corporation includes a credit to O a. Organizational Expenses O b. Goodwill C. Common Stock O d. Cash

The journal entry for the issuance of 150 shares of $5 par common stock at par to an attorney in payment of legal fees for organızıng the corporation includes a credit to O a. Organizational Expenses O b. Goodwill C. Common Stock O d. Cash

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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Questions # 21-22 are based on the following: Clothing Emporium was organized on January 1, 2021. The firm was authorized to issue 100,000 shares of $5 par value common stock. During 2021, Clothing Emporium had the following transactions relating to shareholders' equity: B. C. D. 21. What is the ending balance in the Retained Earnings account at the end of 2021? A. Jan. 1 Feb. 15 May 8 Oct. 2 ABCD B. Issued 30,000 shares of common stock at $7 per share. Issued 20,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000. $50,000. $370,000. $420,000. $100,000. 22. What is the total stockholders' equity at the end of 2021? A. $370,000. $420,000. C. $470,000. D. $320,000.
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