Lisa Morris and Joyce Laski agreed on September 1 to go into business as partners. According to
Question:
Lisa Morris and Joyce Laski agreed on September 1 to go into business as partners. According to the agreement, Morris is to contribute $45,000 cash and Laski is to contribute $65,000 cash. Provide a separate journal entry for the investment of each partner.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (15 reviews)
DATE 20 Sept 1 Cash GENERAL JOURNAL 1 Cas...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Sharon Usher and Leann Gomez agreed on September 1 to go into business as partners. According to the agreement, Usher is to contribute $30,000 cash and Gomez is to contribute $50,000 cash. Provide a...
-
Patty McShane and Betty Lou Blixt agreed on September 1 to go into business as partners. According to the agreement, McShane is to contribute $55,000 cash and Blixt is to contribute $80,000 cash....
-
Three former RIM employees decided to go into business for themselves and open a store near an office park to sell wireless equipment to young professionals. Their first products were cell phones,...
-
Determine which of the fundamental laws of algebra is demonstrated. 8(3 2) = 8(3) 8(2)
-
A firm has the following items on its balance sheet: Cash $ 20,000,000 Inventory $134,000,000 Notes payable to bank $ 31,500,000 Common Stock ($10 par; 1,000,000 shares outstanding) $ 10,000,000...
-
Based on a Pitney Bowes survey, when 1009 consumers were asked if they are comfortable with drones delivering their purchases, 42% said yes. Consider the probability that among 30 different consumers...
-
What is an affirmative defense? Why is it important for the defendant to include affirmative defenses in the answer?
-
One of New Centurys most important accounts was its loan repurchase loss reserve. Each accounting period, New Century was required to estimate the ending balance of that account. What general...
-
1. Suppose that, for a certain population, we can predict log earnings from log height as follows: A person who is 66 inches tall is predicted to have earnings of $30,000. Every increase of 1% in...
-
Richard chooses technique 0 and 2 requiring 10+10-20 efforts and provising 10+11=21 benefits. Hence, 21 is returned as the output Example 2: input1: 3 input2: (10,10,10,10) input3: (10,11,12,15)...
-
Describe the four accounting entries for the liquidation of a partnership.
-
Karen Rhea and Wayne Sellevaeg decided to form a partnership on July 1, 20-1. Rhea invested $100,000 and Sellevaeg invested $50,000. For the fiscal year ended June 30, 20-2, a net income of $90,000...
-
Jim McAvoy has prepared the following list of statements about depreciation. 1. Depreciation is a process of asset valuation, not cost allocation. 2. Depreciation provides for the proper matching of...
-
The functions g and h are given by g(x)=x+2 and h(x) = x (b) Find the values of x for which hg(x) = 3x+x-1
-
(d) Simplify and write in POS form: F(w, x, y, z)=(w'x+x'y'z)'
-
Find the mortgage balance after the first three payments on a 15-year $210,000 mortgage that was financed at an APR of 4.5 % and has a monthly payment of $1606.49. Payment Interest Principal Mortgage...
-
How do we assess the efficacy of our strategic initiatives in terms of their alignment with our long-term vision and objectives ?
-
30% of your portfolio is in Stock A which has an expected return of 12% and 70% is in bonds which have an expected return of 8%- What is the expected return of your portfolio?
-
Can offering remote work to employees weaken an organizations culture? Explain.
-
3M Company reports the following financial statement amounts in its 10-K report: a. Compute the receivables, inventory, and PPE turnover ratios for both 2018 and 2017. (Receivables turnover and...
-
Use Spice to solve the indicated problems and examples. Find the steady-state values of i L , v C1 , and v C2 in the circuit of Fig. 7-13(a). Figure 7-13 is(t) = (+ 3u(t-1) UC C 3 v(t)=18u(t) 2 6...
-
What is the purpose of a journal?
-
What is the value of having a description for each general journal entry?
-
What is the value of having a description for each general journal entry?
-
Matrix B is given as follows, -18 20 -61 B-12 14 -3 30 -30 13. a) Use the Gerschgorin's Circle Theorem to determine a region containing all the eigenvalues of B. b) Find the dominant eigenvalue (21)...
-
5.63. Acetone can be removed from acetone-air mixtures using simple counter- current cascades, by adsorption onto charcoal (Foust et al. 1980). We wish to find the required number of equilibrium...
-
Use characteristic polynomial to find the eigen value and eigen vector for A S
Study smarter with the SolutionInn App