e https://newconnect.mheducation.com/flow/connect.html ill Connect G Google Appl

Question

e https://newconnect.mheducation.com/flow/connect.html ill Connect G Google Apple iCloud D Yahoo D Bing hapters 10 and 11 M/C Wikipedia Facebook D Twitter D Linkedin D The Weather Channel D Yelp D T Help Save&ExitSu; 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 330 shares to its attorneys in payment of a $5,300 charge for drawing up the articles of incorporation. The entry to record this transaction would include: Multiple Choice 2:47 A deblt to Paid-in Capital in Excess of Par Value, Common Stock for $2,000. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $5,300. A credit to Common Stock for $5,300. Next >

Explanation / Answer

Debit Credit Organization expense 5300          Common Stock 3300          Paid-in Capital in Excess of Par Value, Common Stock 2000

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