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    Business
  3. Study Set
    Financial and Managerial Accounting
  4. Exam
    Exam 1: Accounting and the Business Environment
  5. Question
    John Contributed $6,000 to the Business by Opening a Bank
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John Contributed $6,000 to the Business by Opening a Bank

Question 255

Question 255

True/False

John contributed $6,000 to the business by opening a bank account in the name of the business, United Marketing. The corporation issued common stock to John. This transaction results in an increase in the assets of the business.

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