Homework Answers
1.
| General Journal | Debit | Credit |
| Organization expenses | $3,200 | |
| Common stock (240*$5) | $1,200 | |
| Paid in capital in excess of par value-Common stock | 2,000 |
Hence option $2,000 credit to paid in capital in excess of par value- Common stock is correct.
2.
| General Journal | Debit | Credit |
| Retained earnings (190,000-8,000)*$0.35 | $63,700 | |
| Common dividends payable | $63,700 |
Hence option Debit retained earnings $63,700, Credit Common dividends payable $63,700 is correct.
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