the entry to journalize 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.cash c.goodwill dmon stock

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21-12-2022
Business

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the entry to journalize 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.cash c.goodwill dmon stock

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Tutorconsortium422 Tutorconsortium422 · Answer 1 · 2022-12-25T11:44:47-05:00

A credit to Common Stock is included in the entry to reflect the issuing of 150 shares of $5 par value common stock as part payment for legal services. To balance the credit of $750 to the common stock, the firm debits the legal cost account.

What is the common stock issuance journal entry?

Entry in the journal for the distribution of common shares with a face value. Common shares with par value are journalized by crediting common shares (equity) up to the par value and debiting cash (asset) for the amount received for the shares. The remaining portion of the entry is then credited to extra paid-in capital (equity).

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