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: Multiple Choice Debit Cash...

Extracted text: 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: Multiple Choice Debit Cash $14,000; debit Office Equipment $7,000; credit R Stetson, Capital $21,000. Debit Cash $14,000; debit Office Equipment $7,000; credit SJ Partnership, Capital $21,000. Debit SJ Partnership $21,000; credit R. Stetson, Capital $21,000. Debit R. Stetson, Capital $21,000; credit SJ Partnership, Capital $21,000. Debit Cash $14,000; debit Office Equipment $7,000; credit Common Stock $21,000.