Business, 26.02.2020 03:57 ellamai10123

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

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Answer from: rmcarde4432

The correct answer is option (B).

Explanation:

According to the scenario, the given data are as follows:

Investing in business = $40,000 in exchange of common stock

This shows that, when investing in business cash is being debited and as cash is being used to buy common stock so, Common stock is being credited in journal entry.

So, the journal entry that Innovation consulting will make are as follows::

Journal Entries

Particulars Debit Credit

Cash $40,000.00

To Common stock $40,000.00

Hence, this shows the correct answer is option (B).

Answer from: Quest

My day has gone pretty good so far, you for asking.

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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