Question
Select all that apply On Jan. 2, Callie Taylor invests $40,000 into the business in exchange for common stock. She journalized the transaction as follows
Select all that apply\ On Jan. 2, Callie Taylor invests
$40,000
into the business in exchange for common stock. She journalized the transaction as follows but something is wrong with the journal entry. Use your knowledge of what a correct journal entry should look like by identifying everything that is wrong. Select all answers which apply.\ \\\\table[[Date,Accounts,PR,Debit,Credit],[Jan 2,Common Stock,,40,000,],[,Cash,,4,000,],[,(Owner invested cash in exchange for common stock.),,,]]\ $ signs should be included in the Debit and Credit columns\ The Cash account should be listed first.\ The dollar amount is wrong in the Credit column.\ Common Stock should be listed second, below Cash.\ The Common Stock account should be indented because it is credited.
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