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Business
Accounting
Moss and Barber organize a partnership on January 1, Moss's initial net investment is $66,000, consisting of cash ($15,000), equipment ($70,000), and a note payable reflecting a bank loan for the new business ($19,000). Barber's initial investment is cash of $44,000. Prepare journal entries to record (1) Moss's investment and (2) Barber's investment. View transaction list Journal entry worksheet < A B Record the initial investment of Barber. Note: Enter debits before credits. Transaction (2) Record entry General Journal Clear entry Debit Credit View general journal

Moss and Barber organize a partnership on January 1, Moss's initial net investment is $66,000, consisting of cash ($15,000), equipment ($70,000), and a note payable reflecting a bank loan for the new business ($19,000). Barber's initial investment is cash of $44,000. Prepare journal entries to record (1) Moss's investment and (2) Barber's investment. View transaction list Journal entry worksheet < A B Record the initial investment of Barber. Note: Enter debits before credits. Transaction (2) Record entry General Journal Clear entry Debit Credit View general journal

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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Moss and Barber organize a partnership on January 1, Moss's initial net investment is $66,000, consisting of cash ($15,000), equipment ($70,000), and a note payable reflecting a bank loan for the new business ($19,000). Barber's initial investment is cash of $44,000. Prepare journal entries to record (1) Moss's investment and (2) Barber's investment. View transaction list Journal entry worksheet < A B Record the initial investment of Barber. Note: Enter debits before credits. Transaction (2) Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:Moss and Barber organize a partnership on January 1, Moss's initial net investment is $66,000, consisting of cash ($15,000), equipment ($70,000), and a note payable reflecting a bank loan for the new business ($19,000). Barber's initial investment is cash of $44,000. Prepare journal entries to record (1) Moss's investment and (2) Barber's investment. View transaction list Journal entry worksheet < A B Record the initial investment of Barber. Note: Enter debits before credits. Transaction (2) Record entry General Journal Clear entry Debit Credit View general journal
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