R Stetson contributed $14,000 in cash plus office equipment valued at $7,000 to the SJ Partnership The journal entry to record the transaction for the partnership is Debit Cash $14,000 debit Office Equipment $7,000 credit R Stetson, Capital $21,000 Debit Cash $14,000 debit Office Equipment $7,000 c...

R. Stetson contributed $14,000 in cash plus office equipment valued at $7,000 to the SJ Partnership. The

Question:

R. Stetson contributed $14,000 in cash plus office equipment valued at $7,000 to the SJ The journal entry to record the transaction for the is:
Debit Cash $14,000; debit Office Equipment $7,000; credit R.Stetson, Capital $21,000
Debit Cash $14,000; debit Office Equipment $7,000; credit SJ Capital $21,000
Debit SJ $21,000; credit R. Stetson, Capital $21,000
Debit R. Stetson, Capital $21,000; credit SJ Capital $21,000
Debit Cash $14,000; debit Office Equipment $7,000; credit $21,000
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...