Which of the following reflects the impact of a transaction where $370,000 cash was invested by...
Which of the following reflects the impact of a transaction where $370,000 cash was invested by stockholders in exchange for stock?
Multiple Choice
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Stockholders' equity and assets each increased $370,000.
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Stockholders' equity and revenues each increased $370,000.
Incorrect -
Assets and revenues each increased $370,000.
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Assets and retained earnings each increased $370,000.
Homework Answers
Correct answer-------------Stockholders' equity and assets each increased $370,000.
.
Following entry will be made for this transaction
| General Journal | Debit | Credit |
| Cash | $ 370,000.00 | |
| Common stock | $ 370,000.00 | |
| (To record issue of Common stock) |
Cash will increase hence total asset increase and along with asset total equity increase by amount invested.
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