View Policies Show Attempt History Current Attempt in Progress K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $51.900 of personal cash to the partnership. Rosen owns land worth $17,700 and a small building worth $83,000, which she transfers to the partnership. Toso transfers to the partnership cash of $12.300, accounts receivable of $27,800, and equipment worth $23.200. The partnership expects to collect $25,020 of the accounts receivable.
View Policies Show Attempt History Current Attempt in Progress K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $51.900 of personal cash to the partnership. Rosen owns land worth $17,700 and a small building worth $83,000, which she transfers to the partnership. Toso transfers to the partnership cash of $12.300, accounts receivable of $27,800, and equipment worth $23.200. The partnership expects to collect $25,020 of the accounts receivable.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:View Policies
Show Attempt History
Current Attempt in Progress
K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $51.900 of personal cash to the partnership. Rosen
owns land worth $17,700 and a small building worth $83,000, which she transfers to the partnership. Toso transfers to the
partnership cash of $12,300, accounts receivable of $27,800, and equipment worth $23.200. The partnership expects to collect
$25,020 of the accounts receivable.
(a)
Your answer is partially correct.
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)
Debit
Credit
Account Titles and Explanation
Cash
51900
Deca Capital
51900
Transcribed Image Text:(To record investment of Toso.)
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(b)
What amount would be reported as total owners' equity immediately after the investments?
Total owners' equity 5
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