Dave Krug contributed $2,500 cash along with inventory and land to a new partnership. The inventory...
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Dave Krug contributed $2,500 cash along with inventory and land to a new partnership. The inventory had a book value of $2,300 and a market value of $5,000. The land had a book value of $2,900 and a market value of $8,000. The partnership also accepted a $4,500 note payable owed by Krug to a creditor. Prepare the partnership's journal entry to record Krug's investment. View transaction list Journal entry worksheet A Record the investment of Krug. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Dave Krug contributed $2,500 cash along with inventory and land to a new partnership. The inventory had a book value of $2,300 and a market value of $5,000. The land had a book value of $2,900 and a market value of $8,000. The partnership also accepted a $4,500 note payable owed by Krug to a creditor. Prepare the partnership's journal entry to record Krug's investment. View transaction list Journal entry worksheet A Record the investment of Krug. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Posted Date:
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