David and Daniel formed a partnership. David invested $12,000, cash; Daniel invested $7,000 cash and equipment with

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David and Daniel formed a partnership. David invested $12,000, cash; Daniel invested $7,000 cash and equipment with a fair value of $5,000. The proper entry to record this is to:

a. debit Cash $19,000; debit Equipment $5,000; credit Capital $24,000.

b. debit Cash $19,000; debit Equipment $5,000; credit Accounts Payable $24,000

c. debit Cash $19,000; debit Equipment $5,000; credit David's Capital $12,000; and credit Daniel's Capital $12,000.

Selected:d. debit Cash $19,000; credit David's Capital $12,000; and credit Daniel's Capital $7,000

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College Accounting A Practical Approach

ISBN: 978-0133133233

12th edition

Authors: Jeffrey Slater

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Posted Date: Jan 10, 2021 10:00 AM

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David and Daniel formed a partnership. David invested $12,000, cash; Daniel invested $7,000 cash and equipment with

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