Cash Contributed to a Joint Operation Was Used to Purchase

question 18

Multiple Choice

Cash contributed to a joint operation was used to purchase Equipment ($250 000) and raw materials ($100 000) . The entry by the joint operation to record of these transactions is which of the following?

• A) DR Equipment $250 000 DR Raw materials $ 100 000
• CR Cash $350 000
• B) DR Work in progress $350 000 CR Joint operation capital $350 000
• C) DR Cash $350 000 CR Contribution to joint operation $350 000
• D) DR Cash $350 000 CR Equipment $250 000
• CR Raw materials $100 000

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Definitions:

Momentary-Contact

Momentary contact refers to an electrical switch or relay contact designed to close or open a circuit briefly, usually for as long as the actuating mechanism is held.

Jog Circuit

A control circuit method used to momentarily energize a motor or device, allowing for short movements or adjustments without continuous operation.

Jog Function

A control feature that enables a brief activation of a motor to adjust its position without initiating a full start cycle.