Answered

Discover the answers to your questions at Westonci.ca, where experts share their knowledge and insights with you. Discover comprehensive answers to your questions from knowledgeable professionals on our user-friendly platform. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

A corporation issued 300 shares of its $5 par value common stock in payment of a $3,800 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include:

Sagot :

Parrain

The entry to record this issuance of stock for its accountant as payment for filing a charter would include a credit of $2,300 to Contributed Capital in excess of par value.

How is stock issuance recorded?

The value of the stock is credited to the Common stock account as:

= 300 x 5

= $1,500

The rest of the amount will then be credited to the Contributed Capital in excess of par value:

= 3,800 - 1,500

= $2,300

Find out more on Contributed Capital in Excess of Par at https://brainly.com/question/25758206.

#SPJ1

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.