Mayfair Corporation was organized on October 1, 2020. Mayfair Corporation received a total of $250,000 from the owners on that date. The following entry should be recorded: Group of answer choices a)A debit to cash for $250,000 and a credit to revenue for $250,000. b)A credit to cash for $250,000 and a debit to retained earnings for $250,000. c)A credit to cash for $250,000 and a debit to contributed capital for $250,000. d)A debit to cash for $250,000 and a credit to dividends payable for $250,000. e)None of the above

Mayfair Corporation was organized on October 1, 2020. Mayfair Corporation received a total of $250,000 from the owners on that date. The following entry should be recorded: Group of answer choices a)A debit to cash for $250,000 and a credit to revenue for $250,000. b)A credit to cash for $250,000 and a debit to retained earnings for $250,000. c)A credit to cash for $250,000 and a debit to contributed capital for $250,000. d)A debit to cash for $250,000 and a credit to dividends payable for $250,000. e)None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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