R Stetson Contributed $14,000 in Cash Plus Office Equipment Valued

question 69

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

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Definitions:

Personal Value Structures

The organization and hierarchy of an individual's values, reflecting what they find most important or significant in life.

Frustration Tolerance

The ability of an individual to endure frustration, discomfort, or hardship without giving up, showing resilience in the face of obstacles.

Self-Control

The ability to pursue a goal while adequately managing internal conflicts about it, or to delay pursuing a goal because of other considerations or constraints.

Delay Mechanisms

Techniques or processes used to postpone or slow down an action or reaction.