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

Accounts - Principles of Accounts JAMB 1999

If a promoter pays a lawyer N5,000 for services rendered in preparing a Memorandum of Incorporation, the journal entry is to debit?

  • preliminary expenses, credit cash accounts checkmark
  • promoter, credit creditors' accounts
  • lawyer's credit cash accounts
  • cash , credit incorporation accounts

The correct answer is: A

Explanation

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