RStetson Contributed $14,000 in Cash Plus Office Equipment Valued at $7,000

question 57

Multiple Choice

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:

• A)Debit Cash $14,000;debit Office Equipment $7,000;credit R Stetson,Capital $21,000.
• B)Debit Cash $14,000;debit Office Equipment $7,000;credit SJ Partnership,Capital $21,000.
• C)Debit SJ Partnership $21,000;credit R.Stetson,Capital $21,000.
• D)Debit R.Stetson,Capital $21,000;credit SJ Partnership,Capital $21,000.
• E)Debit Cash $14,000;debit Office Equipment $7,000;credit Common Stock $21,000.

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Definitions:

Expansionary Policy

A macroeconomic policy that aims to stimulate the economy by increasing government spending, decreasing taxes, or lowering interest rates to boost economic activity.

Anticipated Policy

Economic or governmental policies expected to be implemented in the future, which can influence current economic behaviors and decisions.

Wages

The compensation paid to employees for their labor, typically quantified as an hourly, daily, or piece-rate basis.

Price Level

A benchmark for assessing the average current prices of a vast variety of goods and services produced within the economy.