Question
WildhorseLimited issued2000common shares in payment of its lawyer's bill of $7500.WildhorseLimited assured the lawyer that the shares would be worth $10500within one year. The bill
WildhorseLimited issued2000common shares in payment of its lawyer's bill of $7500.WildhorseLimited assured the lawyer that the shares would be worth $10500within one year. The bill was for services performed in helping the company incorporate. Southern should record this transaction by debiting:
Common Shares for $10500.
Common Shares for $7500.
Legal Fees Expense for $10500.
Legal Fees Expense for $7500.
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Managerial Accounting Tools For Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
5th Canadian Edition
