XYZ issued 2,000 shares of $8 par value stock to pay for legal services provided by 123
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Question:
XYZ issued 2,000 shares of $8 par value stock to pay for legal services provided by 123 Company. Market Value of the stock was $10 per share. The journal entry will include:
a. $16,000 debit to Legal Services Expense
b. $4,000 debit to Legal Services Expense
c.$20,000 credit to Common Stock
d.A $4,000 credit to Paid-in-Capital in Excess of Par
e.$16,000 credit to Paid-in-Capital in Excess of Par
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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