TLR Productions Hires a Consultant for a New Project,and Issues

question 93

Multiple Choice

TLR Productions hires a consultant for a new project,and issues common stock with a par value of $700 in exchange for consulting services received.The common stock has a fair value of $2,800.What is the journal entry required to record this transaction?

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Definitions:

Opportunity Costs

The loss of potential gain from other alternatives when one alternative is chosen.

Cost Accounting System

A framework used to record, analyze, and allocate costs associated with a company's operations and production processes.

Management Performance Evaluation

The assessment and analysis of managerial actions in terms of efficiency, effectiveness, and attainment of business goals and objectives.

Sales Managers

Professionals responsible for directing an organization's sales teams, developing strategies to meet sales objectives, training salespeople, and analyzing sales data.