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 $2,400 cash and office furniture with a current market value of $3,200.When journalizing this transaction ________.
A)Office Furniture will be debited for $1,070
B)Office Furniture will be credited for $3,200
C)Office Furniture will be debited for $3,200
D)Office Furniture will be credited for $1,070

Question

Quizplus · Accepted Answer

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

Edwin and Darren Have Decided to Form a Partnership