Business, 22.02.2020 00:24 joedawg50

On Jan. 2, Callie Taylor invests $40,000 into the business in exchange for common stock. She journalized the transaction as follows but something is wrong with the journal entry. Use your knowledge of what a correct journal entry should look like to identify everything that is wrong. Select all answers which apply.
Date

Accounts

PR

Debit

Credit

Jan 2

Common Stock

40,000

Cash

4,000

(Owner invested in business)

The dollar amount is wrong in the Credit column

Common Stock should be listed below Cash

The Cash account should be listed first

The Common Stock account should be indented as it is credited

$ signs should be included in the Debit and Credit columns

Answers: 1

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On Jan. 2, Callie Taylor invests $40,000 into the business in exchange for common stock. She journal...

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