Nathan Long is entering into a partnership with Terri. Nathan is investing $2,000 in cash and equipment currently on Nathan's books at $6,000, with an accumulated depreciation of $1,000. The equipment has a fair market value of $4,000. The entry to record Nathan's investment should be which of the following?
A. Debit Cash $2,000; debit Equipment $6,000; credit Accumulated Depreciation $1,000; credit Nathan's Capital $7,000
B. Debit Cash $2,000; debit Equipment $6,000; credit Accumulated Depreciation $2,000; credit Nathan's Capital $6,000
C. Debit Nathan's Capital $6,000; debit Accumulated Depreciation $2,000; credit Cash $2,000; credit Equipment $6,000
D. Debit Cash $2,000; debit Equipment $4,000; credit Nathan's Capital $6,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Nathan Long is entering into a partnership with Terri. Nathan is investing $2,000 in cash and equipment currently on Nathan's books at ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
True or false: the aggressive Driver typically except that collision causing behavior are aggressive
Answers (1)
Why are controls needed in a case-control study?
Answers (1)
5. An investor is interested in purchasing a 30-year U. S. government bond carrying an 8 percent coupon rate. The bond's current market price is $935 for a $1000 par value instrument.
Answers (1)
If there are two goods and if income doubles and the price of good 1 doubles while the price of good 2 stays constant, a consumer's demand for good A. 2 will decrease only if it is a Giffen good for her B.
Answers (1)
Goods arrive when needed for production, use or sale rather than sitting in storage
Answers (1)
New Questions in Business
Which of the following options correctly completes the sentence? The social security lump-sum election means the taxpayer elects to treat the lump-sum social security benefit as if the benefits: a) For prior years had been received in those years,
Answers (1)
Moon, a farmer, needs to install a two-thousand-pound piece of equipment in his barn. This will require lifting the equipment thirty feet up into a hayloft.
Answers (1)
Alex did not have enough money in his checking account to cover a check that he wrote. The check bounced and he paid two fees-one to the bank and one to the store. He did have enough money in his savings account.
Answers (1)
Which part of the Federal Reserve Organization is the only part that is totally influenced by any political office from within the government?
Answers (1)
Rheingold Supply has a seniority system by which employees who have worked the longest are first in line for promotions and last to be laid off. As a result, most of the senior managers at Rheingold Supply are men.
Answers (1)