Elaine Matuszek, the sole stockholder of Matuszek Consulting, started the business by investing $40,000 cash. Identify the general journal entry below that Matuszek Consulting will make to record the transaction.
A.
| Investments | 40,000 | |
| Cash | 40,000 |
B.
| Common Stock | 40,000 | |
| Cash | 40,000 |
C.
| Cash | 40,000 | |
| Common Stock | 40,000 |
D.
| Cash | 40,000 | |
| Increased Equity | 40,000 |
E.
| Investments | 40,000 | |
| Common Stock | 40,000 |
Answer: C
You might also like to view...
Tyler maintains a calendar in which he notes various tasks he is required to perform in the future and when they are due. He also keeps information about callbacks he is supposed to make. In addition, he has information about many of his customer's birthdays (so he can send a card). This calendar helps him prepare his to-do lists to get things done in a timely manner. Which of the following terms best describes this calendar?
A. Tickler file B. Activity index C. Duty box D. Engagement file E. Organizer box
Generally accepted accounting principles state that all business transactions should be valued at fair value both when they occur and at all subsequent reporting dates
Indicate whether the statement is true or false
Luke works as a manager at Fun Land, Inc. He is stressed with his job and hence talks to his supervisor about the issues he is facing. His supervisor encourages a change in his goals and values. Which of the following functions of counseling is most likely being exemplified in this scenario?
A. Clarified thinking B. Advice C. Reorientation D. Reassurance
The two ways that a corporation can be classified by ownership are
A) stock and non-stock. B) inside and outside. C) majority and minority. D) for profit or not-for-profit.