Gena and Bena decide to organize a partnership. Gena invests $35,000 cash, and accounts receivable of 20,000. Bena contributes $5,000 and inventory having a cost of $27,000. The partners agree that the fair value of the accounts receivable is 17,000 and the fair value of the inventory is $25,000. Instructions: Prepare the entry to record each partner's investment.

Gena and Bena decide to organize a partnership. Gena invests $35,000 cash, and accounts receivable of 20,000. Bena contributes $5,000 and inventory having a cost of $27,000. The partners agree that the fair value of the accounts receivable is 17,000 and the fair value of the inventory is $25,000. Instructions: Prepare the entry to record each partner's investment.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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