Lucie Corporation Was Formed on January 1 of the Current

question 94

Multiple Choice

Lucie Corporation was formed on January 1 of the current year.The corporate charter authorized the company to issue 100,000 common shares.During the first month of operation,the corporation issued 300 shares to its lawyer in payment of a $5,600 bill for preparing the articles of incorporation.The entry to record this transaction would include

• A)A debit to Organization Costs for $3,000
• B)A debit to Organization Costs for $5,600
• C)A credit to Organization Costs for $5,600
• D)A debit to Common Shares for $5,600
• E)A credit to Common Shares for $3,300

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Definitions:

Systemic Bloodstream

The part of the circulatory system that carries oxygenated blood from the heart to the body and returns deoxygenated blood back to the heart.

Anterior Pituitary

The front portion of the pituitary gland, responsible for secreting hormones that regulate several physiological processes including growth and reproduction.

Posterior Pituitary

A part of the brain's pituitary gland that releases important hormones like vasopressin (antidiuretic hormone) and oxytocin into the bloodstream.

Milk Secretion

The biological process by which mammary glands produce and release milk to feed offspring.