Multiple Choice
A company received $11,000 cash in exchange for 200 shares of the company's common stock.
What would the effect of this transaction on the current year's accounting equation?
A) No effect on Assets; $11,000 decrease in Liabilities; $11,000 increase in Stockholders' Equity
B) $11,000 increase in Assets; $11,000 increase in Liabilities; No effect on Stockholders' Equity
C) $11,000 increase in Assets; No effect on Liabilities; $11,000 increase in Stockholders' Equity
D) No effect on Assets; $11,000 increase in Liabilities; $11,000 decrease in Stockholders' Equity
Correct Answer:
Verified
Correct Answer:
Verified
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