please answer fast! thank you. Percy Corporation was formed on...

70.2K

Verified Solution

Question

Accounting

please answer fast! thank you.
image
image
Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During the first month of operation, the corporation issued 270 shares to its attorneys in payment of a $4,700 charge for drawing up the articles of incorporation. The entry to record this transaction would include: Multiple Choice 0 A debit to Paid-in Capital in Excess of Par Value, Common Stock for $2,000. 0 A debit to Organization Expenses for $4,700. 0 A credit to Common Stock for $4,700. 0 A debit to Organization Expenses for $2,700. 0 A credit to Paid in Capital in Excess of Par Value. Common Stock for $4,700

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students