The Mane Event, Inc. began by selling 200,000 of common stock to its owners in exchange for cash. The effect of this transaction on the accounting equation is:
A) Total shareholders' equity
Total assets Total liabilities Contributed capital Retained earnings
Increase No effect Increase No effect
B) Total shareholders' equity
Total assets Total liabilities Contributed capital Retained earning
Decrease No effect No effect Decrease
C) Total shareholders' equity
Total assets Total liabilities Contributed capital Retained earning
No effect Decrease No effect Increase
D) Total shareholders' equity
Total assets Total liabilities Contributed capital Retained earnings
Increase No effect Increase No effect
Question 2
The person presenting the check for payment is called the ___________________ _.
Fill in the blank(s) with correct word
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