Samuel Sorenson, the sole stockholder, contributed $81,000 in cash and land worth $152,000 in exchange for common stock to open a new business, SS Consulting. Which of the following general journal entries will SS Consulting make to record this transaction?
A. Debit Common Stock, $233,000; credit assets $233,000.
B. Debit cash $81,000; debit land $152,000; Credit Common Stock, $233,000.
C. Debit Common Stock, $233,000; credit cash $81,000; credit land $152,000.
D. Debit assets $233,000; Credit Common Stock, $233,000.
E. Debit Cash and Land, $233,000; Credit Common Stock, $233,000.
Answer: B
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