(Answered) A corporation issued 350 shares of its 10 par value common

Finance

A corporation issued 350 shares of its $10 par value common stock in payment of a $3,970 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include:

A $3,970 credit to Common Stock.

A $3,970 debit to Legal Expenses.

A $470 credit to Contributed Capital in Excess of Par Value, Common Stock.

A $3,970 credit to Cash.

A $3,500 debit to Organization Expenses.

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