Geoff Parker, the sole stockholder of Parker Tax Services, started the business by investing $10,000 cash and a building worth $20,000. Identify the general journal entry below that Parker Tax Services will make to record the transaction.
A.
| Common Stock | 30,000 | |
| Cash | 10,000 | |
| Building | 20,000 |
B.
| Cash | 10,000 | |
| Common Stock | 30,000 |
C.
| Dividends | 30,000 | |
| Common Stock | 30,000 |
D.
| Notes Payable | 30,000 | |
| Common Stock | 30,000 |
E.
| Cash | 10,000 | |
| Building | 20,000 | |
| Common Stock | 30,000 |
Answer: E
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Indicate whether the statement is true or false.
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