Edwin and Darren have decided to form a partnership.Edwin contributes $80,000 cash and merchandise inventory with a current market value of $17,000.Darren contributes $2400 cash and office furniture with a current market value of $3200.When journalizing these transactions ________.
A) Office Furniture will be debited for $1070
B) Office Furniture will be credited for $3200
C) Office Furniture will be debited for $3200
D) Office Furniture will be credited for $1070

Question

Quizplus · Accepted Answer

Assets are recorded in the partnerships records at their current market value.

Edwin and Darren Have Decided to Form a Partnership