Question

Question Completion Status: QUESTION 11 Matthew Martin, the owner of Innovation Consulting, started the business by Investing $40,000 cash. Identify the general journal entry below that Innovation Consulting will make to record the transaction. Cash 40,000 M. Martin, Capital 40,000 Cash 40,000 Note Payable 40.000 M. Martin, Capital Cash 40.000 Investments M Martin, Capital 40.000 Accounts Receivable 400OO 40,000 Click Save and Submit to and submit Click Save A s to steal ons

Answer 1

WORKING NOTES:
	Matthew Martin invested at starteing of business =	$                  40,000
	in this transaction,
	Cash is received	$                  40,000
	Owner's Capital - M. Martin Capital will be credited by	$                  40,000
SOLUTION :
Journal Entries
Date	Account Title and explanation	Debit	Credit
------	Cash	$                  40,000
	M. Martin Capital		$                     40,000
	Answer = Option 1