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Course Home openvellum.ecollege.com/course.html7courseld-14758321 R Course Home ACC1200-SU2018 Homework: HW CH12 Save Score: 0 of 1 pt 32 of 40 (38 complete) V Score: 87.5%, 35 of 12.2-17 Question Help Edwin and Darren have decided to form a partnership. Edwin contributes $80,000 cash and merchandise inventory with a current market value of $17,000. Darren contributes $2,400 cash and office furniture with a current market value of $3,200. When journalizing these transactions O A. Office Funiture will be credited for $3,200 O B. Office Funiture will be debited for $3.200 ° C. Office Fum iture will be credited for S1070 O D. Office Furniture will be debited for $1,070 Click to select your answer and then click Check Answer All parts showing

Solution

B. Office furniture will be debited with $3200

As furniture is an asset for the firm, so it will be debited. And the amount debited is 3200, i.e the market value of the furniture.