Bruce and Christine decided to form a partnership with a 70/30 ownership ratio. Bruce contributes $6,700 cash and $1,300 in merchandise inventory. Christine contributes no financial assets, only her expertise. While journalizing this transaction ________.

Answers:

Bruce, Capital will be debited for $8,000

Bruce, Capital will be credited for $8,000

Bruce, Capital will be credited for $4,000 and Christine, Capital will be credited for $4,000

Bruce, Capital will be credited for $5,600 and Christine, Capital will be credited for $2,400