David and Daniel Formed a Partnership

question 110

Multiple Choice

David and Daniel formed a partnership.David invested $10,000,cash; Daniel invested $5,000 cash and equipment valued at $6,000.The proper entry to record this is to:

• A)debit Cash $15,000; debit Equipment $6,000; credit Capital $21,000.
• B)debit Cash $15,000; debit Equipment $6,000; credit Accounts Payable $21,000.
• C)debit Cash $15,000; debit Equipment $6,000; credit David's Capital $10,000; and credit Daniel's Capital $10,000.
• D)debit Cash $15,000; debit Equipment $6,000; credit David's Capital $10,000; and credit Daniel's Capital $11,000.

Differentiate between self-awareness, self-disclosure, self-efficacy, and self-description.

Explore strategies for becoming more open through practice in nonthreatening situations.

Understand the calculation and components of the cost of goods manufactured and sold.

Distinguish between period and product costs and their impact on financial statements.

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Definitions:

Generation Y

Also known as Millennials, this demographic cohort follows Generation X and is typified by their birth years from the early 1980s to the mid-1990s to early 2000s.

Work Ethic

A firm belief in the dignity and value of work and, therefore, important for favorably impressing a manager.

Morally Disengage

The cognitive process where individuals justify or rationalize behavior that is unethical or harmful, often to sustain self-esteem or adhere to group norms.

Unethical

Actions or behavior that violate moral or professional principles, often involving dishonesty, harm, or unfair treatment.