select the correct journal entry for each transaction.

Chris began by filing articles of incorporation with the state of Missouri on June 1, 2016. He named his new business Banana. The articles of incorporation authorized 40,000 shares of common stock each with a par value of $0.35.

June 1, 2016: Banana transferred $40,000 cash to the corporation in exchange for 20,000 shares of common stock.

		A. Debit Cash $7,000; Credit Common Stock $7,000
		B. Debit Cash $40,000; Credit Common Stock $40,000
		C. Debit Cash $40,000; Credit Common Stock $7,000, Credit Additional Paid-in Capital $33,000
		D. Debit Cash $40,000; Credit Common Stock $14,000, Credit Additional Paid-in Capital $26,000