Q$.$ Wagner contributed $$20,000$ cash to a new partnership, while B$.$ Carson contributed cash of $$28,000$ and office equipment which cost $$16,000($with a market value of $$13,000).$ The journal entry to record the partnership investm Wagner and Carson is:

The journal entry to record the division of a partnership profit consists of:

Multiple Choice

a debit to each partner's capital account and a credit to Cash.

a debit to each partner's capital account and a credit to Income Summary.

a debit to Cash and a credit to each partner's capital account.

a debit to Income Summary and a credit to each partner's capital account.