Company A receives $50,000 in exchange for ownership rights in its company. Which two accounts would...
Company A receives $50,000 in exchange for ownership rights in its company. Which two accounts would Company impact?
a. Accounts Receivable and Accounts Payable
b. Accounts Receivable and Revenue
c. Cash and Stock
d. Cash and Revenue
Homework Answers
c) cash and stock
Explanation:
The company receives payment for issuing of its common stock. Therefore, the company's common stock increases, also, since the company receives the amount in cash, it's cash balance also increases. Therefore, common stock and cash are the only accounts effected.
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