Richard Redden Contributed $70,000 in Cash and Land Worth $130,000

question 73

Multiple Choice

Richard Redden contributed $70,000 in cash and land worth $130,000 to open a new business, RR Consulting, Inc. Which of the following general journal entries will RR Consulting, Inc. make to record this transaction?

• A) Debit Assets $200,000; credit Common Stock, $200,000.
• B) Debit Cash and Land, $200,000; credit Common Stock, $200,000.
• C) Debit Cash $70,000; debit Land $130,000; credit Common Stock, $200,000.
• D) Debi Common Stock, $200,000; credit Cash $70,000, credit Land, $130,000.
• E) Debit Common Stock, $200,000; credit Assets, $200,000.

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Definitions:

Direct Political Control

The exercise of authority by a governing entity over the day-to-day governance and policy-making of a territory, without intermediary bodies.

Dependency Theorist

advocates for a model that views developing nations as being economically and politically dependent on more developed, industrialized nations, affecting their growth and development trajectory.

Multinational Corporations

Companies that operate in multiple countries, often with a centralized head office but with operational facilities and branches in different countries.

Authoritarian Governments

Forms of government in which a single entity or a small group possesses significant power, dictating policies and procedures without substantial public participation or opposition.