MC Qu. 114 Reno contributed...

Reno contributed $206,000 in cash plus equipment valued at $47,000 to the RD Partnership. The journal entry to record the transaction for the partnership is:

Multiple Choice

Debit Cash $206,000; debit Equipment $47,000; credit RD Partnership, Capital $253,000.

Debit Cash $206,000; debit Equipment $47,000; credit Common Stock $253,000.

Debit Cash $206,000; debit Equipment $47,000; credit Reno, Capital $253,000.

Debit Reno, Capital $253,000; credit RD Partnership, Capital $253,000.

Debit RD Partnership, Capital $253,000; credit Reno, Capital $253,000.