Homework Answers
Solution:
Assets = E. 15,000 Cash
Liabilities = I. 0 No effect
Common Stock = D. 15,000 Common Stock
Retained Earnings = I. 0 No effect
| Assets | Liabilities | Stockholders' Equity | ||
| Common Stock | Retained earnings | |||
| Issue Common Stock for Cash | $15,000 | $0 | $15,000 | $0 |
| E. Cash | I. No effect | D. Common Stock | I. No effect | |
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shareholders’ equity account, indicate that by selecting "Not
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