T Andrews Contributed $14,000 in to the T & B

question 3

Multiple Choice

T. Andrews contributed $14,000 in to the T & B Partnership. The journal entry to record the transaction for the partnership is:

• A) Debit T. Andrews, Capital $14,000; credit T & B Partnership, Capital $14,000.
• B) Debit T & B Partnership $14,000; credit T. Andrews, Capital $14,000.
• C) Debit Cash $14,000; credit T. Andrews, Capital $14,000.
• D) Debit Cash $14,000; credit T & B Partnership, Capital $14,000.
• E) Debit Cash $14,000; credit Common Stock $14,000.

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Definitions:

Long-Run Cost Curve

A graphical representation showing the lowest cost at which any given level of output can be produced in the long run, where all inputs are variable.

Industry Supply Curve

A graph that shows the quantity of goods that producers are willing and able to sell at different price levels in a specific industry.

Marginal Costs

Marginal costs are the additional costs incurred to produce one more unit of a product or service.

Total Cost Function

Describes the complete cost of producing a given level of output, summing up all variable and fixed costs associated with production.