On June 15, Walter Cohen and Janice Connor agreed to combine their individual sole proprietorships into one
Question:
On June 15, Walter Cohen and Janice Connor agreed to combine their individual sole proprietorships into one firm organized as a partnership called Cohen & Connor Legal Services. The partners were to invest all the assets of their two former businesses. Those assets are listed below.
Instructions
Prepare the general journal entries (page 1) required to record the partners’ investments. The source document is Memorandum 1.
Cash Accounts Receivable Merchandise Inventory Equipment Cohen $247,000 78,000 123,000 154,500 Connor $517,500
Step by Step Answer:
Assuming that the assets being invested into the new partnership are being transferred at t...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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