John contributed $6,000 in the business by opening a bank account in the name of the business,United Internists.The corporation issued common stock to John.This transaction results in an increase in the assets of the business.

Question

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When John contributed $6,000 by opening a bank account in the name of the business and the business issued common stock to him in exchange, it resulted in an increase in the assets of the business. This is because the business now has $6,000 more in cash than before.

John Contributed $6,000 in the Business by Opening a Bank