Tim and Michelle have decided to form a partnership.Tim contributes $7800 cash and $2100 in inventory.While journalising this transaction:
A) Tim,capital will be debited for $9900.
B) Tim,capital will be credited for $9900.
C) Tim,capital will be debited for $5700 and Michelle,capital will be debited for $3600.
D) Tim,capital will be credited for $5700 and Michelle,capital will be credited for $3600.
Correct Answer:
Verified
Q5: In a partnership business,George has an ownership
Q6: Rodriguez and Ying start a partnership
Q7: Felix and Ian allocate 2/5 of the
Q8: Each partner in a partnership:
A)shares in a
Q9: Which of the following BEST describes the
Q11: Albert,Billy and Cathy share profits and losses
Q12: A partnership agreement includes all of the
Q13: Sasha and Michelle form a partnership.Sasha contributes
Q14: Steve and Roger allocate 2/3 of the
Q15: When a partnership is formed and a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents