A company gives common stock to a supplier in return for inventory. Which of the...
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Accounting
A company gives common stock to a supplier in return for inventory. Which of the following journal entries accurately reflects this transaction?
No journal entry necessary because cash was not paid for the inventory.
Debit Inventory and credit Stockholders' Equity
Debit Stockholders' Equity and credit Inventory
Debit Inventory and credit Accounts Payable
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You can see the logs in the Dashboard.