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majestico majestico
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7 years ago
Tricia and Jennifer formed a partnership. Tricia invested $15,000 cash; Jennifer invested $8,000 cash, equipment with a fair value of $7,000, and $2,000 accounts payable. The proper entry to record this is:
A) debit Cash $23,000; debit Equipment 5,000; debit Accounts Payable $2,000; credit Tricia's Capital $15,000; and credit Jennifer's Capital $15,000.
B) debit Cash $23,000; debit Equipment $7,000; credit Tricia's Capital $15,000; and credit Jennifer's Capital $15,000.
C) debit Cash $21,000; debit Equipment $7,000; credit Tricia's Capital $15,000; and credit Jennifer's Capital $13,000.
D) debit Cash $23,000; debit Equipment 7,000; credit Accounts Payable $2,000; credit Tricia's Capital $15,000; and credit Jennifer's Capital $13,000.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
Author:
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keytwokeytwo
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7 years ago
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Brilliant ツ
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