12. Help me selecting the right answer. Thank you Jones and Smith start a partnership on January 1 of the current year. Smith contributes $51,000 cash, a piece of equipment that originallycost $26,000 (accumulated depreciation of $6000 and a current market value of $14,000), and accounts payable with a current market valueof $29,000. Which of the following is the correct journal entry to record Smith's partnership investment?Cash51,000EquipmentAccounts PayableSmith, CapitalCashEquipmentAccumulated Depreciation EquipmentAccounts PayableSmith, CapitalAccounts PayableSmith, CapitalCashEquipmentAccumulated Depreciation - EquipmentCashEquipmentAccounts PayableSmith, Capital14,00029,000800051,00014,00029,00036,00051,00026,00029,00054,000600029,00042,00051,00026,0006000

The meaning of a partnership business is two or more persons bring the capital to form the business…

Jones and Smith start a partnership on January 1 of the current year. Smith contributes $51,000 cash, a piece of equipment that originally cost $26,000 (accumulated depreciation of $6000 and a current market value of $14,000), and accounts payable with a current market value of $29,000. Which of the following is the correct journal entry to record Smith's partnership investment? O Cash 51,000 Equipment Accounts Payable Smith, Capital Cash Equipment Accumulated Depreciation - Equipment Accounts Payable 14,000 29,000 8000 51,000 26,000 6000 29,000