The Entry to Record the Issuance of 150 Shares of $5

question 143

Multiple Choice

The entry to record the issuance of 150 shares of $5 par common stock at par to an attorney in payment of legal fees for organizing the corporation includes a credit to

• A) Organizational Expenses
• B) Goodwill
• C) Common Stock
• D) Cash

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Definitions:

Erikson

A developmental psychologist known for his theory on the psychosocial development across eight stages from infancy to adulthood.

Industry

The production of goods or related services within an economy, or a specific sector of production or trade.

Irreversibility

The cognitive incapacity in early childhood to understand that actions, once performed, can be undone to return to the original state.

Mental Undo

The cognitive process of reversing or attempting to reverse the effects of one’s earlier actions or decisions.