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186 Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $1,350 cash, $2,700 equipment and a $500 note payable reflecting
186 Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $1,350 cash, $2,700 equipment and a $500 note payable reflecting a bank loan for the new business. Plant's initial investment is cash of $3,550. These amounts are the values agreed on by both partners. The journal entry to record Bloom's investment is: Skipped Multiple Choice Debit Bloom, Capital $4,550; credit Common Stock $4,550. Debit Cash $1,350; debit Equipment $2,200; credit Bloom, Capital $3,550. Debit Cash $1,350; debit Equipment $2,700; credit Note Payable $500; credit Bloom, Capital $3,550. Debit Cash $3,550; credit Bloom, Capital $3,550. Debit Cash $1,350; debit Equipment $2,700; credit Bloom, Capital $3,600
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