Rodriguez and Ying Start a Partnership Business on 1 July

Multiple Choice

Rodriguez and Ying start a partnership business on 1 July 2017.Rodriguez brings in cash worth $3500,furniture with a current market value of $50,000,payables with a current market value of $16,000 and equipment with a current market value of $22,000.Which of the following is the correct journal entry to record the above transaction?

A) $$\begin{array} { | l | l | l | } \hline \text { Cash } & \$ 3500 & \\\hline \text { Furniture } & 50,000 & \\\hline \text { Equipment } & 22,000 & \\\hline \text { Payables } & & 16,000 \\\hline \text { Rodriguez, capital } & & 59,500 \\\hline\end{array}$$
B) $$\begin{array} { | l | l | l | } \hline \text { Payables } & \$ 16,000 & \\\hline \text { Rodriguez, capital } & 59,500 & \\\hline \text { Cash } & & 3500 \\\hline \text { Furniture } & & 50,000 \\\hline \text { Equipment } & & 22,000 \\\hline\end{array}$$
C) $$\begin{array} { | l | l | l | } \hline \text { Cash } & \$ 3500 & \\\hline \text { Furniture } & 50,000 & \\\hline \text { Equipment } & 22,000 & \\\hline \text { Payables } & 16,000 & \\\hline \text { Rodriguez, capital } & & 21,500 \\\hline\end{array}$$
D) $$\begin{array} { | c | c | c | } \hline \text { Cash } & \$ 3500 & \\\hline \text { Furniture } & 50,000 & \\\hline \text { Equipment } & & 22,000 \\\hline \text { Payables } & & 16,000 \\\hline \text { Rodriguez, capital } & & 15,500 \\\hline\end{array}$$