A corporation issued 280 shares of its $5 par value common stock in payment of a $3,600 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include:

Question

Answer

A $3,600 credit to Cash.

Answer

A $3,600 debit to Common Stock.

Answer

A $2,200 credit to Paid-in Capital in Excess of Par Value, Common Stock.

Answer

A $1,400 debit to Organization Expenses.

Answer

A $3,600 credit to Common Stock.

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A corporation issued 280 shares of its $5 par value common stock in payment of a...

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