Joshua Scott Invests $40,000 into His New Business

question 84

Short Answer

Joshua Scott invests $40,000 into his new business. How would the journal entry for this transaction be entered in the journal?
$$\begin{array} { l c c} \text { A. Cash } & 40,000 \\\quad \text { Joshua Scott, Capital } & &40,000 \\\quad \text { Invested cash in business } & \\\text { B. Cash } & 40,000 \\\text { Joshua Scott, Capital } && 40,000 \\\quad \text { Invested cash in business } & \\\text { C. Joshua Scott, Capital } & 40,000 \\\quad \text { Cash } & &40,000 \\\quad \text { Invested cash in business } & \\\text { D. Joshua Scott, Loan } & 40,000 \\\text { Cash } && 40,000 \\\quad \text { Invested cash in business } &\end{array}$$

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Definitions:

Impairment Loss

A reduction in the recoverable amount of a fixed asset or goodwill below its carrying amount recorded on the balance sheet.

Input Market

The marketplace where resources or raw materials that a company uses to produce its products are bought and sold.

Long-lived Assets

Assets that are expected to provide economic benefits over a period of time longer than one fiscal year.

Cumulative Weighted Average Expenditure

The sum of all expenditures over a period weighted by the time each amount was incurred, providing a means to calculate average costs or investments over that period.