1.)

Betty and Crocker start a partnership together.

Betty contributes cash of $10,000; and equipment of $2,000 to start the partnership

Crocker contributes cash of $18,000; and inventory of $5,000, plus a note payable of $2,500

Make the necessary journal entries to show the partnership receiving both partners contributions. Go with two separate journal entries.

2.)

Betty Crocker partnership made $75,000 for their first year.

Betty will receive a $10,000 salary for the year, while Crocker will receive no salary.

Both partners will receive 7% of their start of the year capital balances (use the capital you credited for each partner in question 1)

The remaining net income is split evenly.

Make the journal entry showing each partner receiving their share of the net income.