VaughnCompany issued 2400 shares of its $5 par value common stock in payment of its attorney's bill of $29800. The bill was for services performed in helping the company incorporate. Vaughn should record this transaction by debiting O Legal Expense for $29800. Legal Expense for $12000. O Organization Expense for $29800. O Organization Expense for $12000.

VaughnCompany issued 2400 shares of its $5 par value common stock in payment of its attorney's bill of $29800. The bill was for services performed in helping the company incorporate. Vaughn should record this transaction by debiting O Legal Expense for $29800. Legal Expense for $12000. O Organization Expense for $29800. O Organization Expense for $12000.

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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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

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VaughnCompany issued 2400 shares of its $5 par value common stock in payment of its attorney's bill of $29800. The bill was for
services performed in helping the company incorporate. Vaughn should record this transaction by debiting
O Legal Expense for $29800.
O Legal Expense for $12000.
O Organization Expense for $29800.
O Organization Expense for $12000.
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