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.

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Definitions:

Contaminated

Subjected to the introduction of pollutants or undesirable substances, making something impure or hazardous.

Porosity

The measure of how much of a rock is open space, which could be filled by liquids or gases.

Igneous Rocks

Geological formations that originate from the solidification and cooling of molten rock materials.

Porosity

The measure of empty spaces in a material, indicating its ability to hold fluid.