If an owner gives personal tools to the business, how is the transaction recorded? a. This is
Question:
If an owner gives personal tools to the business, how is the transaction recorded?
a. This is not a transaction and is not recorded.
b. This is a decrease in the owner’s equity in the business.
c. This is an additional investment by the owner recorded at the cost of the tools to the owner.
d. This is an additional investment by the owner recorded at the fair market value of the tools.
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The correct answer is c This is an additional investment by the owner recorded at the cost of the to...View the full answer
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Related Book For 
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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