If a promoter pays a lawyer N5,000 for services rendered in preparing a Memorandum of…

If a promoter pays a lawyer N5,000 for services rendered in preparing a Memorandum of Incorporation, the journal entry is to debit?
  • A.
    preliminary expenses, credit cash accounts
  • B.
    promoter, credit creditors’ accounts
  • C.
    lawyer’s credit cash accounts
  • D.
    cash , credit incorporation accounts
Correct Answer: Option A
Explanation
You May Also Like