Geraldine Parker, the Owner of Gi Gi's Dance Studio, Started

question 176

Short Answer

Geraldine Parker, the owner of Gi Gi's Dance Studio, started the business by investing $10,000 cash and donating a building worth $20,000. Identify the general journal entry below that Gi Gi's will make to record the transaction.
$$\begin{array}{l}\text { A) }\\\begin{array} { | l | r | r | } \hline \text { Cash } & 10,000 & \\\hline \text { G. Parker, Capital } & & 30,000 \\\hline\end{array}\end{array}$$
B)
$\begin{array}{|l|r|r|}\hline \text { Cash \& Building } & 30,000 & \\\hline \text { G. Parker, Capital } & & 30,000 \\\hline\end{array}$
C)
$\begin{array}{|l|r|r|}\hline \text { Owner's Investments } & 30,000 & \\\hline \text { G. Parker, Capital } & & 30,000 \\\hline\end{array}$
D)
$\begin{array}{|l|r|r|}\hline \text { Cash } & 10,000 & \\\hline \text { Building } & 20,000 & \\\hline \text { G. Parker, Capital } & & 30,000 \\\hline\end{array}$
E)
$\begin{array}{|l|r|r|}\hline \text { G. Parker, Capital } & 30,000 & \\\hline \text { Cash } & & 10,000 \\\hline \text { Building } & & 20,000 \\\hline\end{array}$

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Definitions:

ACT Model

A theory in cognitive psychology that explains how we acquire, process, and use knowledge, focusing on mechanisms such as procedural and declarative memory.

Iconic Memory

A brief, transient visual memory that holds an exact copy of the visual stimulus for a very short period of time, usually less than a second.

Memory Systems

The structures and processes involved in the storage and retrieval of information in the brain.

ACT Models

Cognitive architecture theories that aim to simulate human thought processes, including how people represent knowledge and produce actions based on that knowledge.