Jan. $1$: Murphy contributed $$78,000$ cash to the business, Terrence Murphy, Attorney. The business issued common stock to Murphy.

Review the journal entry you prepared above.

$\backslash$table$[[$CASH$,,,,,$Account No$.101],[$Date$,$Item,Post. Ref.,Debit,Credit,Balance$],[$Debit$,$Credit$],[2024,,,,,,],[$Jan$.1,,$grad,,,,$]]$

$\backslash$table$[[$COMMON STOCK,Account No$.301],[$Date$,$Item,Post. Ref.,Debit,Credit,Balance$],[$Debit$,$Credit$],[2024,,,,,,],[$Jan$.1,,,,,,]]$