Mr. Lopez invested $20,000 in cash in his new business. How does the company record the investment?
Mr. Lopez invested $20,000 in cash in his new business.
How does the company record the investment?
Debit Cash and Credit Retained Earnings.
Credit Cash and Debit Retained Earnings.
Debit Cash and Credit Owner's Equity.
Credit Cash and Debit Investments.
Credit Cash and Debit Owner's Equity.
Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Cash | 20000 | ||
| Owner's equity | 20000 | ||
So answer is c) Debit Cash and credit owner's equity
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Mr. Lopez invested $20,000 in cash in his new business. How does the company record the investment?
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