Nelson and a few friends invest 50000 to open genie car

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Nelson and a few friends invest $50,000 to open Genie Car Wash, and the business issues common stock to the stockholders. The effect of this transaction on the accounting equation of Genie Car Wash, Inc., is a receipt of cash issuance of common stock, as follows: Balance sheept shows that the business holds cash of $50,000 and woes no liabilities. The company's equity (ownership) is denoted as common stock on the balance sheet. A bank would look favorably on this balance sheet because the business has $50,000 cash and a no debt- a strong finacial position.

How does this impact the accounting equation? Make sure to identify the accounts impacted. Why is it important to record your selected transaction?

Reference no: EM13587362

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