R. Stetson contributed $14,000 in cash plus office equipment valued at $7,000 to the SJ Partnership. The journal entry to record the transaction for the partnership is:
A. Debit Cash $14,000; debit Office Equipment $7,000; credit R Stetson, Capital $21,000.
B. Debit SJ Partnership $21,000; credit R. Stetson, Capital $21,000.
C. Debit R. Stetson, Capital $21,000; credit SJ Partnership, Capital $21,000.
D. Debit Cash $14,000; debit Office Equipment $7,000; credit SJ Partnership, Capital $21,000.
E. Debit Cash $14,000; debit Office Equipment $7,000; credit Common Stock $21,000.
Answer: A
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