A Corporation Issued 100 Shares of Its $5 Par Value

question 118

Multiple Choice

A corporation issued 100 shares of its $5 par value common stock in payment of a $1,800 charge from its accountant for assistance in filing its charter with the state.The entry to record this transaction will include:

• A)A $1,800 credit to Common Stock.
• B)A $300 debit to Organization Expenses.
• C)A $1,300 credit to Paid-in Capital in Excess of Par Value,Common Stock.
• D)A $1,800 debit to Legal Expenses.
• E)A $1,800 credit to Cash.

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Definitions:

Freeware

Software that is available for use at no cost, often distributed for personal or limited use without requiring payment or licensing fees.

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Pertaining to software for which the original source code is made freely available and may be redistributed and modified.

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Software that requires excessive amounts of disk space and system resources, often including unwanted or unnecessary features.