SReising Contributed $48,000 in Cash Plus Equipment Valued at $73,000

question 43

Multiple Choice

S.Reising contributed $48,000 in cash plus equipment valued at $73,000 to the Reising Construction Partnership.The journal entry to record the transaction for the partnership is:

• A)
• \(\begin{array}{|l|c|c|}
• \hline \text { Cash. } & 48,000 \\
• \hline \text { Equipment. } & 73,000 \\
• \hline\text { S. Reising, Capital. }&&121,000\\
• \hline
• \end{array}\)
• B)
• \(\begin{array}{|l|cc||}
• \hline \text { Cash. } & 48,000 \\
• \hline \text { Equipment. } & 73,000 \\
• \hline\text { Reising Construction Partnership, Capital }&&121,000\\
• \hline
• \end{array}\)
• C)
• \(\begin{array}{|l|c|c|}
• \hline \text { Reising Construction Partnership} & 121,000 & \\
• \hline \text { S. Reising, Capital } && 211,000 \\
• \hline
• \end{array}\)
• D)
• \(\begin{array}{|l|c|c|}
• \hline\text { S. Reising, Capital } & 121,000 & \\
• \hline \text { Reising Construction Partnership, Capital } & & 121,000\\
• \hline
• \end{array}\)
• E)
• \(\begin{array}{|l|c|c|}
• \hline \text { Cash. } & 48,000 \\
• \hline \text { Equipment. } & 73,000 \\
• \hline\text { Common Stock}&&121,000\\
• \hline
• \end{array}\)

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Definitions:

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than competitors using the same amount of resources.

Comparative Advantage

An economic theory that suggests a country should produce and export goods in which it has a lower opportunity cost than other countries.

Temporary Advantage

An advantage or benefit that an organization holds for a short period of time, often due to a unique product, service, or situation.