Question
Tim and Michelle have decided to form a partnership with a 60/40 partnership interest ratio. Tim contributes $7500 cash and merchandise inventory with a market
Tim and Michelle have decided to form a partnership with a 60/40 partnership interest ratio. Tim contributes $7500 cash and merchandise inventory with a market value of $1500. While journalizing this transaction ________.
| A) Tim, Capital will be debited for $9000
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| B) Tim, Capital will be credited for $9000
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| C) Tim, Capital will be credited for $6000 and Michelle, Capital will be credited for $4500
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| D) Tim, Capital will be debited for $6000 and Michelle, Capital will be debited for $4500 |
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Auditing And Edp Objective Questions And Explanations
Authors: Irvin N. Gleim, William A. Hillison
5th Edition
0917537521, 978-0917537523
