John Contributed $6,000 Cash to a Sole Proprietorship by Opening

question 52

True/False

John contributed $6,000 cash to a sole proprietorship by opening a bank account in the name of the business,United Marketing.John received capital in the business in exchange.This transaction results in an increase in the assets of the business.

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Definitions:

Upper Limb

Refers to the human arm, extending from the shoulder to the hand, including all the segments and joints in between.

Elbow

A joint connecting the forearm to the upper arm, allowing for a range of movements including bending and straightening.

Deep

Refers to something extending far down from the surface or top.

Surface

The outermost or topmost boundary of an object or space, which can be perceived or touched.