a corporation issued 280 shares of its $5 par value common stock in payment of a $3,600 charge from its accountant for assistance in filing its charter with the state. the entry to record this transaction will include:

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21-11-2022
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a corporation issued 280 shares of its $5 par value common stock in payment of a $3,600 charge from its accountant for assistance in filing its charter with the state. the entry to record this transaction will include:

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tutorconsortium271 tutorconsortium271 · Answer 1 · 2022-11-24T16:51:14+01:00

A credit of $2,200 will be made to Terms Of investment in Excess of Principal Amount, Common Stock as part of the entry that record this transaction.

Common stock: What does that mean?

Investments that show ownership in a company include common stock. Common stock holders decide on business policies and the board of directors. Best long rates of return are typically available with this type of stock ownership.

How are shares & common stock different from one another?

A share is a measuring device for a stock, which is the real asset wherein you invest. As a result, a stock describes the investment you are making, and a share describes the amount of that stock your actually possess.

Briefing:

A $2,200 bonus to Common Stock Paid-In Stock in Surplus of Par Value.

Debit Organization Expense $ 3,600

Credit Common Stock, $5 Par Value $ 1,400

Credit Paid-in Capital in Excess of Par Value, Common Stock $ 2,200.

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