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1) Nancy Proton invests $200,000 in return for common stock, bringing Atomic Fun Inc into existence. a) debit Common Stock 200,000, credit Cash 200,000
1) Nancy Proton invests $200,000 in return for common stock, bringing Atomic Fun Inc into existence. a) debit Common Stock 200,000, credit Cash 200,000 b) debit Cash 200,000, credit Common Stock 200,000 c) debit Bank 200,000, credit Cash 200,000 d) debit Common Stock 200,000, credit Barry Allen 200,000 2) The firm buys a $10,000 Electron Disseminator from the bike manufacturer, and will pay later. a) debit Cash 10,000, credit Equipment 10,000 b) debit Equipment Expense 10,000, credit Accounts Payable 10,000 c) debit Manufacturer 10,000, credit Accounts Payable 10,000 d) debit Equipment 10,000, credit Accounts Payable 10,000
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