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:

Antisocial Personality Disorder

A mental condition where a person consistently shows no regard for right and wrong and ignores the rights and feelings of others.

Arousal

A state of heightened physiological and psychological activity.

Narcissistic Personality Disorder

A mental disorder characterized by a long-term pattern of exaggerated self-importance, the need for admiration, and a lack of empathy for others.

Self-Importance

The exaggerated estimation of one's own significance or importance.