12. Help me selecting the right answer. Thank you Jones and Smith start a partnership on January 1 of the current year. Smith contributes $51,000 cash, a piece of equipment that originallycost $26,000 (accumulated depreciation of $6000 and a current market value of $14,000), and accounts payable with a current market valueof $29,000. Which of the following is the correct journal entry to record Smith's partnership investment?Cash51,000EquipmentAccounts PayableSmith, CapitalCashEquipmentAccumulated Depreciation EquipmentAccounts PayableSmith, CapitalAccounts PayableSmith, CapitalCashEquipmentAccumulated Depreciation - EquipmentCashEquipmentAccounts PayableSmith, Capital14,00029,000800051,00014,00029,00036,00051,00026,00029,00054,000600029,00042,00051,00026,0006000

The meaning of a partnership business is two or more persons bring the capital to form the business…

Jones and Smith start a partnership on January 1 of the current year. Smith contributes $51,000 cash, a piece of equipment that originally cost $26,000 (accumulated depreciation of $6000 and a current market value of $14,000), and accounts payable with a current market value of $29,000. Which of the following is the correct journal entry to record Smith's partnership investment? O Cash 51,000 Equipment Accounts Payable Smith, Capital Cash Equipment Accumulated Depreciation - Equipment Accounts Payable 14,000 29,000 8000 51,000 26,000 6000 29,000

Jones and Smith start a partnership on January 1 of the current year. Smith contributes $51,000 cash, a piece of equipment that originally cost $26,000 (accumulated depreciation of $6000 and a current market value of $14,000), and accounts payable with a current market value of $29,000. Which of the following is the correct journal entry to record Smith's partnership investment? O Cash 51,000 Equipment Accounts Payable Smith, Capital Cash Equipment Accumulated Depreciation - Equipment Accounts Payable 14,000 29,000 8000 51,000 26,000 6000 29,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.
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Jones and Smith start a partnership on January 1 of the current year. Smith contributes $51,000 cash, a piece of equipment that originally cost $26,000 (accumulated depreciation of $6000 and a current market value of $14,000), and accounts payable with a current market value of $29,000. Which of the following is the correct journal entry to record Smith's partnership investment? O Accounts Payable Smith, Capital Cash Equipment Accumulated Depreciation O Cash Equipment Accounts Payable Smith, Capital O Cash Equipment Accounts Payable Smith, Capital O Cash Equipment Accumulated Depreciation Accounts Payable Smith, Capital - Equipment 51,000 14,000 51,000 29,000 36.000 14,000 29,000 8000 Equipment 29,000 54,000 51,000 26,000 51,000 26,000 6000 6000 29,000 42.000
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