Mark contributed 46000 cash in echang3 for common stock. Journalize the transaction

Answer 1

To journalize the transaction where Mark contributed $46,000 in cash in exchange for common stock, you would make the following journal entry:

Date: [Insert the date of the transaction]

| Account Title | Debit | Credit | |-----------------------|-----------|-----------| | Cash | 46,000 | | | Common Stock | | 46,000 |

Explanation:

• Debit "Cash" for $46,000 to reflect the increase in cash from Mark's contribution.
• Credit "Common Stock" for $46,000 to reflect the equity received in exchange for the cash.

Make sure to replace "[Insert the date of the transaction]" with the actual date of the transaction when recording in the journal.