T. Andrews contributed $14,000 in to the T & B Partnership. The journal entry to record the transaction for the partnership is:
A) Debit T. Andrews, Capital $14,000; credit T & B Partnership, Capital $14,000.
B) Debit T & B Partnership $14,000; credit T. Andrews, Capital $14,000.
C) Debit Cash $14,000; credit T. Andrews, Capital $14,000.
D) Debit Cash $14,000; credit T & B Partnership, Capital $14,000.
E) Debit Cash $14,000; credit Common Stock $14,000.

Question

Quizplus · Accepted Answer

The correct entry is to debit Cash to reflect the increase in the partnership's cash and credit T. Andrews, Capital to reflect his contribution to the partnership.

T Andrews Contributed $14,000 in to the T & B