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 7,000;credit Accounts Payable $2,000;credit Tricia's Capital $15,000;and credit Jennifer's Capital $13,000.
B) 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.
C) debit Cash $23,000;debit Equipment $7,000;credit Tricia's Capital $15,000;and credit Jennifer's Capital $15,000.
D) debit Cash $21,000;debit Equipment $7,000;credit Tricia's Capital $15,000;and credit Jennifer's Capital $13,000.
Correct Answer:
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