David and Daniel Formed a Partnership

question 5

Multiple Choice

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.
• D)debit Cash $19,000;credit David's Capital $12,000;and credit Daniel's Capital $7,000.

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