Tim and Michelle Have Decided to Form a Partnership with a 60/40

question 104

Multiple Choice

Tim and Michelle have decided to form a partnership with a 60/40 partnership interest ratio.Tim contributes $7500 cash and merchandise inventory with a market value of $1500.While journalizing this transaction ________.

• A) Tim, Capital will be debited for $9000
• B) Tim, Capital will be credited for $9000
• C) Tim, Capital will be credited for $6000 and Michelle, Capital will be credited for $4500
• D) Tim, Capital will be debited for $6000 and Michelle, Capital will be debited for $4500

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Definitions:

Environmental Sustainability

The principle of maintaining ecological balance by avoiding depletion of natural resources, ensuring long-term environmental health.

Point Source Pollutant

Pollution emanating from a single identifiable source, such as a pipe, ditch, ship, or factory smokestack.

Renewable Resources

Natural assets that can regenerate and sustainably yield benefits, like biomass and geothermal heat.

Littering

The act of improperly disposing of waste products in inappropriate places, leading to environmental pollution.