Pen Supply Corp. began operations on March 1, 20Y5. On this date, the company paid for the below expenses: 

legal fees related to organisation, $5,000;

 rent for the upcoming month, $1,500; 

license fees, $2,000; 

promotional costs, $1,200; 

and insurance for the fiscal year, $9,000.

 Prepare the journal entry to record the organisational expenses paid.

Answer rating: 100% (QA)

The journal entry to record the organizational expenses paid by Pen Supply Corp o... View the full answer