R.Stetson contributed $14,000 in cash plus office equipment valued at $7,000 to the SJ Partnership.The journal entry to record the transaction for the partnership is:
A)Debit Cash $14,000;debit Office Equipment $7,000;credit R Stetson,Capital $21,000.
B)Debit Cash $14,000;debit Office Equipment $7,000;credit SJ Partnership,Capital $21,000.
C)Debit SJ Partnership $21,000;credit R.Stetson,Capital $21,000.
D)Debit R.Stetson,Capital $21,000;credit SJ Partnership,Capital $21,000.
E)Debit Cash $14,000;debit Office Equipment $7,000;credit Common Stock $21,000.

Question

Quizplus · Accepted Answer

The partnership receives cash and office equipment, so it debits these accounts. The total contribution is credited to R. Stetson's capital account.

RStetson Contributed $14,000 in Cash Plus Office Equipment Valued at $7,000