Which of the following journal entries is correct when a business entity issues stock to stockholders in exchange for cash?
A) Cash
$ \quad $ Retained Earnings
B) Cash
$ \quad $Contributed Capital
C) Cash
$ \quad $Accounts Payable
D) Contributed Capital
$ \quad $ $ \quad $Cash

Question

Which of the following journal entries is correct when a business entity issues stock to stockholders in exchange for cash?
A) Cash
 $ \quad $ Retained Earnings
B) Cash
 $ \quad $Contributed Capital
C) Cash
 $ \quad $Accounts Payable
D) Contributed Capital
 $ \quad $ $ \quad $Cash

Quizplus · Accepted Answer

The Answer of Which of the following journal entries is correct when a business entity issues stock to stockholders in exchange for cash?
A) Cash
 $ \quad $ Retained Earnings
B) Cash
 $ \quad $Contributed Capital
C) Cash
 $ \quad $Accounts Payable
D) Contributed Capital
 $ \quad $ $ \quad $Cash

Which of the Following Journal Entries Is Correct When a Business