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Business, 09.12.2021 04:10 heartykwarteng12

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 310 shares to its attorneys in payment of a $5,100 charge for drawing up the articles of incorporation. The entry to record this transaction would include: Multiple Choice A credit to Paid-in Capital in Excess of Par Value, Common Stock for $5,100. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $2,000. A credit to Common Stock for $5,100. A debit to Organization Expenses for $5,100. A debit to Organization Expenses for $3,100.

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