Tim and Michelle Have Decided to Form a Partnership

question 106

Multiple Choice

Tim and Michelle have decided to form a partnership. Tim contributes $8,000 cash and $2,000 in merchandise inventory. While journalizing this transaction:

• A)Tim, Capital will be debited for $10,000.
• B)Tim, Capital will be credited for $10,000.
• C)Tim, Capital will be credited for $6,000 and Michelle, Capital will be credited for $4,000.
• D)Tim, Capital will be debited for $6,000 and Michelle, Capital will be debited for $4,000.

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Definitions:

Number Of Participants

The total count of individuals actively taking part in an event, study, or activity.

Group Leader

An individual who guides, directs, or influences a group towards achieving its goals or completing specified tasks.

Parliamentary Procedure

A set of rules and guidelines designed to streamline and organize meetings and decision-making processes within formal assemblies or organizations.

Responsibility For Productivity

Refers to the obligation or duty of individuals or organizations to complete tasks efficiently and effectively.