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upton upton
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7 years ago
David and Daniel formed a partnership. David invested $12,000, cash; Daniel invested $7,000 cash and equipment with a fair value of $5,000. The proper entry to record this is to:
A) debit Cash $19,000; debit Equipment $5,000; credit Accounts Payable $24,000.
B) debit Cash $19,000; debit Equipment $5,000; credit Capital $24,000.
C) debit Cash $19,000; debit Equipment $5,000; credit David's Capital $12,000; and credit Daniel's Capital $12,000.
D) debit Cash $19,000; credit David's Capital $12,000; and credit Daniel's Capital $7,000.
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College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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OmpaOmpa
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7 years ago
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