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MyEPCC ecure https://newconnect.mheducation.com/flow/connect.htm aw-Hill Connect G Google ·Apple ·iCloud D Yahoo D Bing D wikipedia D Facebook D Twitter D LinkedIn D The weather Channel D al - Good Luck! Help Save & A corporation issued 140 shares of its $5 par value common stock in payment of a $2.200 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: 47e Multiple Choice A $2,200 credit to Common Stock. A $700 debit to Organization Expenses. A $1,500 credit to Paid-in Capital in Excess of Par Value, Common S A $2,200 debit to Legal Expenses. Next > 47 of 50

Explanation / Answer

Journal entry to record the transaction is as under, Account Titles Debit Credit Legal Expenses $2,200 Common stock $700 Paid in capital in Excess of Par Value - Common stock $1,500 The answer is as under, A $2200 debit to Legal Expenses. A $1500 credit to Paid in Capital in Excess of Par value - Common stock

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