Current Attempt in Progress K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $50,000 of personal cash to the partnership. Rosen owns land worth $11,000 and a small building worth $83,400, which she transfers to the partnership. Toso transfers to the partnership cash of $10,200, accounts receivable of $35,300, and equipment worth $21,900. The partnership expects to collect $31,770 of the accounts receivable.
Current Attempt in Progress K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $50,000 of personal cash to the partnership. Rosen owns land worth $11,000 and a small building worth $83,400, which she transfers to the partnership. Toso transfers to the partnership cash of $10,200, accounts receivable of $35,300, and equipment worth $21,900. The partnership expects to collect $31,770 of the accounts receivable.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Use the information given to answer problem (a) and (b) correctly and completely
Transcribed Image Text:Current Attempt in Progress
K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $50,000 of personal cash to the partnership. Rosen
owns land worth $11,000 and a small building worth $83,400, which she transfers to the partnership. Toso transfers to the
partnership cash of $10,200, accounts receivable of $35,300, and equipment worth $21,900. The partnership expects to collect
$31,770 of the accounts receivable.
Transcribed Image Text:(a)
Prepare the journal entries to record each of the partners' investments. (Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
(To record investment of Decker.)
(To record investment of Rosen.)
(To record investment of Toso.)
(b).
What amount would be reported as total owners' equity immediately after the investments?
Total owners' equity
$
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