Richard Redden, the Sole Stockholder, Contributed $70,000 in Cash and Land

question 78

Multiple Choice

Richard Redden, the sole stockholder, contributed $70,000 in cash and land worth $130,000 in exchange for common stock to open a new business, RR Consulting. Which of the following general journal entries will RR Consulting 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) Debit 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:

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