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Rashid [163]
2 years ago
15

Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During

the first month of operation, the corporation issued 230 shares to its attorneys in payment of a $4,300 charge for drawing up the articles of incorporation. The entry to record this transaction would include:
Business
1 answer:
Over [174]2 years ago
5 0

The journal entry for the transaction as mentioned above will include a debit in the organizational expenses for $4,300.

<h3>What are the golden rules of a journal entry?</h3>

As per the golden rules of a journal entry, all the expenses of an organization, whether direct or indirect are debited. Thus, in the above case, the organization expenses will be debited.

Hence, the significance of a journal entry is aforementioned.

Learn more about journal entry here:

brainly.com/question/20421012

#SPJ1

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