A corporation issued 250 shares of its $5 par value common stock in payment of a $3,300 charge from its accountant for assistancein filing its charter with the state. The entry to record this transaction will include:Multiple ChoiceOOA $1,250 debit to Organization Expenses.A $3,300 credit to Cash.A $3,300 debit to Common Stock.A $3,300 credit to Common Stock.A $2,050 credit to Paid-in Capital in Excess of Par Value, Common Stock.

The journal entry is an basic accounting record which is used to chronologically track the financial…

A corporation issued 250 shares of its $5 par value common stock in payment of a $3,300 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Multiple Choice A $1,250 debit to Organization Expenses. A $3,300 credit to Cash. A $3,300 debit to Common Stock. A $3,300 credit to Common Stock. A $2,050 credit to Paid-in Capital in Excess of Par Value, Common Stock.

A corporation issued 250 shares of its $5 par value common stock in payment of a $3,300 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Multiple Choice A $1,250 debit to Organization Expenses. A $3,300 credit to Cash. A $3,300 debit to Common Stock. A $3,300 credit to Common Stock. A $2,050 credit to Paid-in Capital in Excess of Par Value, 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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A corporation issued 180 shares of its $5 par value common stock in payment of a $2,600 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include:
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