Mr. Chamberlain invested $40,000 cash in a new corporation. The new corporation will record this transaction with a:
A) debit to Paid- in Capital and a credit to Retained Earnings for $40,000
B) debit to Cash and a credit to Retained Income for $40,000
C) debit to Retained Earnings and a credit to Cash for $40,000
D) debit to Cash and a credit to Paid- in Capital for $40,000
Correct Answer:
Verified
Q14: The acquisition of inventory for cash will:
A)
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Q23: is an example of an implicit transaction.
A)
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A) Assets and expenses
B)
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