1. What is the purpose of the partnership agreement? 2. If the partnership agreement does not state the profit-and-loss-sharing ratios, how will profits or losses be shared? 3. Shelsy is contributing $195,000 in cash and accounts payable of $40,000. Telles is contributing a building that cost Telles $80,000. The building's current market value is $85,000. Journalize the contribution of the two partners. Shelsy and Telles are forming a partnership, Classic Leather Goods, to import merchandise from Europe. Shelsy is especially artistic and has already lined up several department stores to sell the leather goods. Read the requirements Requirement 1. What is the purpose of the partnership agreement? The purpose of the partnership agreement is to Requirement 2. If the partnership agreement does not state the profit-and-loss-sharing ratios, how will profits or losses be shared? If the partnership agreement does not state the profit-and-loss-sharing ratios, the profits or losses are shared Requirement 3. Shelsy is contributing $195,000 in cash and accounts payable of $40,000. Telles is contributing a building that cost Telles contribution of the two partners. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing Shelsy's investment. Shelsy is contributing $195,000 in cash and accounts payable of $40,000 Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next