Rosen and Noble decide to organize a partnership. Rosen invests $15,000 cash and
ID: 2388500 • Letter: R
Question
Rosen and Noble decide to organize a partnership. Rosen invests $15,000 cash and Noble contributes $12,000 cash and equipment having a book value of $6,000. Choose the entry to record Noble's investment in the partnership assuming the equipment has a fair value of $9,000.a. Debit cash 12,000 , Debit Equipment 6,000 , and Credit Noble Capital 18,000
b. Debit equipment 6,000 and credit Noble Capital 6,000
c. Debit Cash 12,000 and credit Noble Capital 6,000
d. Debit cash 12,000 , Debit Equipment 9,000 , and Credit Noble Capital 21,000
Explanation / Answer
d. Debit cash $ 12,000 , Debit Equipment $ 9,000 , and Credit Noble Capital $ 21,000
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