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  3. miller corporation issued 7000 shares of its $5 pa

Miller Corporation issued 7000 shares of its $5 par value common stock in payment for...

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Accounting

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Miller Corporation issued 7000 shares of its $5 par value common stock in payment for attorney services billed at $70,000. Miller Corporation's stock has been actively trading at $10 per share. The journal entry for this transaction would include a credit to: Select one: A. Common Stock for $70,000 B. Paid-in Capital in Excess of Par-Common for $70,000. O C. Paid-in Capital in Excess of Par-Common for $35,000. D. Legal Expense for $70,000. A doctor performed surgery in March and did not receive cash from the patient until July. Under accrual accounting, the doctor recognizes revenue: Select one: O a. at a time that cannot be determined from the facts. O b. in July. O c. in either March or July O d. in March Bird's Nost had net credit sales for the current period of $550,000 and average net recelvables were $85,.000. What is the days' sales outst (Round any intermediary calculations to two decimal places and your final answer to the nearest day) Select one: O a. 26 days O b. 150.684932 days O c. 10 days d. 36 days

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