Genna John started John Services Corp., a firm providing art services for advertisers, on June 1. On that date, Genna John invested $20,000 cash to begin the business in exchange for common stock. When John Service Corp. recorded this transaction: The Cash account increased by $20,000, and Contributed Capital decreased by $20,000. None of the listed choices are correct The Cash account decreased by $20,000, and Retained Earnings decreased by $20,000. The Cash account increased by $20,000, and Contributed Capital increased by $20,000. The Cash account increased by $20,000, and Retained Earnings decreased by $20,000. The Cash account decreased by $20,000, and Retained Earnings increased by $20,000. The Cash account decreased by $20,000, and Contributed Capital increased by $20,000. The Cash account decreased by $20,000, and Contributed Capital decreased by $20,000. The Cash account increased by $20,000, and Retained Earnings increased by $20,000.
Genna John started John Services Corp., a firm providing art services for advertisers, on June 1. On that date, Genna John invested $20,000 cash to begin the business in exchange for common stock. When John Service Corp. recorded this transaction:
The Cash account increased by $20,000, and Contributed Capital decreased by $20,000.
None of the listed choices are correct
The Cash account decreased by $20,000, and
The Cash account increased by $20,000, and Contributed Capital increased by $20,000.
The Cash account increased by $20,000, and Retained Earnings decreased by $20,000.
The Cash account decreased by $20,000, and Retained Earnings increased by $20,000.
The Cash account decreased by $20,000, and Contributed Capital increased by $20,000.
The Cash account decreased by $20,000, and Contributed Capital decreased by $20,000.
The Cash account increased by $20,000, and Retained Earnings increased by $20,000.
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