Acct2206 RegistrationD x y D Ch 18 Homework × X ve (9 unread)-mkenneh2e New Tab

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Acct2206 RegistrationD x y D Ch 18 Homework × X ve (9 unread)-mkenneh2e New Tab Search C ezto.mheducation.com/hm.tpx connect. ACCOUNTING Ch. 18 Homework K Q 10.00 points Lewelling Company issued 118.000 shares of its $1 par common stock to the Michael Morgan law firm ats compensation for 5.800 hours of legal services performed Morgan's usual rate is $280 per hour By what amount should Lewelling's paid-in capital -excess of par increase as a result of this transaction? s of References eBook & Resources Worksheet Diafcuity 1 Easy

Explanation / Answer

Journal entry :

so answer is paid in capital in excess of par value-common stock is $1506000

Date accounts & explanation debit credit Cash (5800*280) 1624000    Common stock (118000*1) 118000     paid in capital in excess of par value-common stock 1506000

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