Reno contributed $289,000 in cash plus equipment valued at $40,000 to the RD Partnership. The journal entry to record the transaction for the partnership is:
A. Debit Reno, Capital $329,000; credit RD Partnership, Capital $329,000.
B. Debit Cash $289,000; debit Equipment $40,000; credit Common Stock $329,000.
C. Debit RD Partnership, Capital $329,000; credit Reno, Capital $329,000.
D. Debit Cash $289,000; debit Equipment $40,000; credit RD Partnership, Capital $329,000.
E. Debit Cash $289,000; debit Equipment $40,000; credit Reno, Capital $329,000.
Answer: E
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