R. Stetson contributed $14,000 in cash plus office equipment valued at $7,000 to

Question

R. Stetson contributed $14,000 in cash plus office equipment valued at $7,000 to the SJ Partnership. The journal entry to record the transaction for the partnership is:

Debit Cash $14,000; debit Office Equipment $7,000; credit R.Stetson, Capital $21,000

Debit Cash $14,000; debit Office Equipment $7,000; credit SJ Partnership, Capital $21,000

Debit SJ Partnership $21,000; credit R. Stetson, Capital $21,000

Debit R. Stetson, Capital $21,000; credit SJ Partnership, Capital $21,000

Debit Cash $14,000; debit Office Equipment $7,000; credit Common Stock $21,000

Debit Cash $14,000; debit Office Equipment $7,000; credit R.Stetson, Capital $21,000

Debit Cash $14,000; debit Office Equipment $7,000; credit SJ Partnership, Capital $21,000

Debit SJ Partnership $21,000; credit R. Stetson, Capital $21,000

Debit R. Stetson, Capital $21,000; credit SJ Partnership, Capital $21,000

Debit Cash $14,000; debit Office Equipment $7,000; credit Common Stock $21,000

Explanation / Answer

1. Debit Cash $14000; debit Office equipment $7000 ; credit R. Stetson, Capital $21000.

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