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.
A.
| Cash | 40,000 | |
| Common Stock | 40,000 |
B.
| Cash | 40,000 | |
| Note Payable | 40,000 |
C.
| Common Stock | 40,000 | |
| Cash | 40,000 |
D.
| Investments | 40,000 | |
| Common Stock | 40,000 |
E.
| Accounts Receivable | 40,000 | |
| Cash | 40,000 |
Answer: A
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