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Clemons is a consulting company. It prepares monthly financial statements. The following are a sample of the transactions that occurred during May, June and July.

Clemons is a consulting company. It prepares monthly financial statements. The following are a sample of the transactions that occurred during May, June and July. May 1. Issued additional shares of stock for $40,000 cash.

WHAT WOULD THE CREDIT: EXPENSE (BE?)

WHAT WOULD THE CREDIT: CASH (BE?)

REGARDING THE QUESTION ABOVE

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