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Which of the general journal entries will rr consulting make

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Problem 1: Richard Redden, the sole stockholder, contributed $85,000 in cash and land worth $160,000 in exchange for common stock to open a new business, RR Consulting. Which of the following general journal entries will RR Consulting make to record this transaction?

Multiple Choice

Option 1: Debit assets $245,000; Credit Common Stock, $245,000.

Option 2: Debit Cash and Land, $245,000; Credit Common Stock, $245,000.

Option 3: Debit cash $85,000; debit land $160,000; Credit Common Stock, $245,000.

Option 4: Debit Common Stock, $245,000; credit cash $85,000; credit land $160,000.

Option 5: Debit Common Stock, $245,000; credit assets $245,000.

Reference no: EM133010586

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