C Palmer Opens a New Computer Sales and Repair Business

Multiple Choice

C. Palmer opens a new computer sales and repair business. His assets are: Premises $700 000, Equipment $100 000, Inventory $150 000, and Cash $30 000. His liabilities are: Payables - M Rice $25 000. The journal entry to record the opening would include:

A) a credit to Capital for $955 000.
B) a debit to Capital for $955 000.
C) a credit to Capital for $1 050 000.
D) a debit to Capital for $1 050 000.