The Wagner Company acquired $500,000 cash from the issue of common stock. How would this transaction be recorded in the company's T-accounts?
A.
| Common Stock | |
| 500,000 | |
| Cash | |
| 500,000 | |
B.
| Retained Earnings | |
| 500,000 | |
| Common Stock | |
| 500,000 | |
C.
| Cash | |
| 500,000 | |
| Common Stock | |
| 500,000 | |
D.
| Common Stock | |
| 500,000 | |
| Retained Earnings | |
| 500,000 | |
Answer: C
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