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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
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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May 1 May 1 Investment by Luke Investment by Lando Investment by Leia
Transcribed Image Text:May 1 May 1 Investment by Luke Investment by Lando Investment by Leia
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 partnership, 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 $9,680. 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. Date Account Title and Explanation May 1 May 1 May 11 Investment by Luke Investment by Lando → · • : • • 0 Debit Search Credit 0
Transcribed Image Text: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 partnership, 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 $9,680. 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. Date Account Title and Explanation May 1 May 1 May 11 Investment by Luke Investment by Lando → · • : • • 0 Debit Search Credit 0
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