On February 20, services valued at $60,000 relating to the organization of a corporation were performed in exchange for 1,000 shares of its $25 par value common stock. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menu.

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30-01-2020
Business

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On February 20, services valued at $60,000 relating to the organization of a corporation were performed in exchange for 1,000 shares of its $25 par value common stock. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menu.

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hyderali230 hyderali230 · Answer 1 · 2020-01-31T18:12:09+01:00

Answer:

Journal entry for services valued at $60,000 relating to the organization of a corporation were performed in exchange for 1,000 shares of its $25 par value common stock.

In the books of Service performer

Dr. Investment (Asset) $60,000

Cr. Service Revenue $60,000

In the books of Share Issuer

Dr. Corporation Charges (Expense) $60,000

Cr. Common Stock (1,000 X 25) $25,000

Cr. Paid-In Capital in Excess of Par-Common Stock $35,000