Ed Hobbs and Carrie Lewis form a partnership on May 1, 201X. Hobbs contributes $39,000. Lewis contributes
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Ed Hobbs and Carrie Lewis form a partnership on May 1, 201X. Hobbs contributes $39,000. Lewis contributes $30,000 cash and land costing $18,500 with a current fair value of $30,500. A $32,000 note payable due to Lewis is assumed by the new partnership. Please prepare the journal entries to record Hobbs’s and Lewis’s investment in the partnership.
PartnershipA 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...
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Related Book For 
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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