Luke, Lando and Leia decide to start a partnership called LLL Consulting on May 1, 2023. Each of them contribute a number of items to the partners which are listed below. Luke contributed $6,900 cash and a building he had purchased for $250,000. The building now has a market value of $275,000 Lando contributed $3,800 cash, equipment he had purchased for $27.200 and a note payable worth $23,000. The equipment has a market value of $24,480. Leia contributed $8,700 cash, furniture she has purchased for $12,100 and accounts payable worth $8,000. The furniture has a market value of $9,688 Prepare the journal entries to record the contributions of each partner. Do not enter dollar signs or commas in the input boxes. For transactions with more than one debit or credit. enter the accounts in alphabetical order.

Luke, Lando and Leia decide to start a partnership called LLL Consulting on May 1, 2023. Each of them contribute a number of items to the partners which are listed below. Luke contributed $6,900 cash and a building he had purchased for $250,000. The building now has a market value of $275,000 Lando contributed $3,800 cash, equipment he had purchased for $27.200 and a note payable worth $23,000. The equipment has a market value of $24,480. Leia contributed $8,700 cash, furniture she has purchased for $12,100 and accounts payable worth $8,000. The furniture has a market value of $9,688 Prepare the journal entries to record the contributions of each partner. Do not enter dollar signs or commas in the input boxes. For transactions with more than one debit or credit. enter the accounts in alphabetical order.

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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