Tricia and Jennifer formed a partnership.Tricia invested $10,000 cash; Jennifer invested $5,000 cash,equipment valued at $6,000,and $1,000 accounts payable.The proper entry to record this is:
A) debit Cash 15,000; debit Equipment 6,000; credit Accounts Payable $1,000; credit Tricia's Capital $10,000; and credit Jennifer's Capital $10,000.
B) debit Cash 15,000; debit Equipment 6,000; debit Accounts Payable $1,000; credit Tricia's Capital $10,000; and credit Jennifer's Capital $10,000.
C) debit Cash $15,000; debit Equipment $6,000; credit Tricia's Capital $10,000; and credit Jennifer's Capital $10,000.
D) debit Cash $15,000; debit Equipment $6,000; credit Tricia's Capital $10,000; and credit Jennifer's Capital $11,000.
Correct Answer:
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