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A corporation issued 170 shares of its $5 par value common stock in payment of...

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Accounting

A corporation issued 170 shares of its $5 par value common stock in payment of a $2,500 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include:

Multiple Choice

  • A $850 debit to Organization Expenses.

  • A $1,650 credit to Paid-in Capital in Excess of Par Value, Common Stock.

  • A $2,500 credit to Cash.

  • A $2,500 debit to Legal Expenses.

  • A $2,500 credit to Common Stock.

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