Matthew Martin, the sole stockholder of Innovation Consulting, started the business by investing $40,000 cash in exchange for common stock. Identify the general journal entry below that Innovation Consulting will make to record the transaction.
Cash 40,000 Credit
Common Stock 40,000 Debit
Cash 40,000 Debit
Common Stock 40,000 Credit
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Matthew Martin, the sole stockholder of Innovation Consulting, started the business by investing $40,000 cash in exchange for common stock. ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Hospital Equipment Company (HEC) acquired several fMRI machines for its inventory at a cost of $2,700 per machine. HEC usually sells these machines to hospitals at a price of $6,240.
Answers (1)
Which type of account has a normal credit balance? a. withdrawals b. assets c. expenses d. revenues?
Answers (2)
JL Health Services reported a net loss-AOCI in last year's balance sheet. This year, the company revised its estimate of future salary levels causing its PBO estimate to decline by $24.
Answers (1)
It is expected that the price of a bushel of wheat will increase in one month. This belief will result in
Answers (1)
Which of the following statements is true regarding the cognitive evaluation theory? This theory is based on three needs: need for achievement, need for power, and need for affiliation.
Answers (1)
New Questions in Business
If markets are in equilibrium, which of the following conditions will exist? A. Each stock's expected return should equal its required return B. The expected returns on stocks and bonds should be equal C.
Answers (1)
Many financial institutions rely heavily on debt to fund their operations, and they are interconnected by virtue of financing each other's debt positions.
Answers (1)
A firm has fixed costs (FC) of $10,000. Its variable costs (VC) to produce 5,000 widgets are $2,000 and to produce 10,000 widgets are $3,000. What is the firm's total cost (TC) to produce 5,000 widgets?
Answers (1)
Dickson Inc. uses the perpetual inventory system. The company sold 500 units to Ajax Ltd. for a total sales price of $5,000. At the time of the sale, Dickson carried the inventory on its books at a cost of $3,000.
Answers (1)
Thomas is a copy machine technician for State Office Systems. He was involved in a serious car accident while making a service call for his employer, and he cannot return to work for 8 weeks.
Answers (1)