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K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $ 48,300 of personal cash to the partnership. Rosen owns land worth $ 18,600 and a small building worth $76,700, which she transfers to the partnership. Toso transfers to the partnership cash of $ 12,200, accounts receivable of $29,800, and equipment worth $ 14,700. The partnership expects to collect $ 26,820 of the accounts receivable.

K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $ 48,300 of personal cash to the partnership. Rosen owns land worth $ 18,600 and a small building worth $76,700, which she transfers to the partnership. Toso transfers to the partnership cash of $ 12,200, accounts receivable of $29,800, and equipment worth $ 14,700. The partnership expects to collect $ 26,820 of the accounts receivable.

FINANCIAL ACCOUNTING
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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Use the information to solve problem (a) completely please
(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.)
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.)
Current Attempt in Progress K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $ 48,300 of personal cash to the partnership. Rosen owns land worth $ 18,600 and a small building worth $76,700, which she transfers to the partnership. Toso transfers to the partnership cash of $ 12,200, accounts receivable of $ 29,800, and equipment worth $ 14,700. The partnership expects to collect $ 26,820 of the accounts receivable.
Transcribed Image Text:Current Attempt in Progress K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $ 48,300 of personal cash to the partnership. Rosen owns land worth $ 18,600 and a small building worth $76,700, which she transfers to the partnership. Toso transfers to the partnership cash of $ 12,200, accounts receivable of $ 29,800, and equipment worth $ 14,700. The partnership expects to collect $ 26,820 of the accounts receivable.
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