Mayfair Corporation was organized on October 1, 2020. Mayfair Corporation received a total of $250,000 from the owners on that date. The following entry should be recorded:

A debit to cash for $250,000 and a credit to revenue for $250,000.

A credit to cash for $250,000 and a debit to retained earnings for $250,000.

A credit to cash for $250,000 and a debit to contributed capital for $250,000.

A debit to cash for $250,000 and a credit to dividends payable for $250,000.