Nancy Fernando has been operating an apartment locator service as a sole proprietorship She and Melissa Morris have decided to form a partnership Fernando 's contribution consists of Cash, $10,000 Accounts Receivable, $11,000 Furniture, $18,000 Building (net), $51,000 and Notes Payable, $22,000 To ...

Requirement 1 Date Accounts and Explanation Debit Credit Cash 10000 A ...

Nancy Fernando has been operating an apartment-locator service as a sole proprietorship. She and Melissa Morris have

Question:

Nancy Fernando has been operating an apartment-locator service as a sole proprietorship.
She and Melissa Morris have decided to form a Fernando's contribution consists of Cash, $10,000; Accounts Receivable, $11,000; Furniture, $18,000; Building (net), $51,000; and Notes Payable, $22,000.
To determine Fernando's equity in the she and Morris hire an independent appraiser. The appraiser values all the assets and liabilities at their book value except the building, which has a current market value of $92,000. Also, there are additional of $3,000 that Fernando will contribute. Morris will contribute cash equal to Fernando's equity in the Journalize the entry on the books to record Fernando's contribution.
2. Journalize the entry on the books to record Morris's contribution?
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...