Jordan and Sullivan start a partnership on January 1 of the current year. Sullivan contributes $38,000 cash, a piece of equipment that originally cost $35,000 (accumulated depreciation of $23,000 and a current market value of $25,000), and accounts payable with a current market value of $9,000. Prepare the journal entry to record Sullivan's partnership investment. (Record debits first, then credits. Exclude explanations from journal entries.) Accounts Debit Credit
Jordan and Sullivan start a partnership on January 1 of the current year. Sullivan contributes $38,000 cash, a piece of equipment that originally cost $35,000 (accumulated depreciation of $23,000 and a current market value of $25,000), and accounts payable with a current market value of $9,000. Prepare the journal entry to record Sullivan's partnership investment. (Record debits first, then credits. Exclude explanations from journal entries.) Accounts Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Jordan and Sullivan start a partnership on January 1 of the current year. Sullivan contributes $38,000 cash, a piece of equipment that originally
cost $35,000 (accumulated depreciation of $23,000 and a current market value of $25,000), and accounts payable with a current market value
of $9,000. Prepare the journal entry to record Sullivan's partnership investment. (Record debits first, then credits. Exclude explanations from
journal entries.)
Accounts
Debit
Credit
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