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7. Ira and Phil form a partnership named I&P Associates. Ira Contributed cash amounting to $10,000. Phil contributed his truck worth $10,000 and cash amounting

7. Ira and Phil form a partnership named I&P Associates. Ira Contributed cash amounting to $10,000. Phil contributed his truck worth $10,000 and cash amounting to $5,000. 1 What journal entries would you make to form the I&P Associates Partnership? (A) For Ira Debits Credits Cash $ 10,000 $ (B) For Phil Debits Credits Cash $ 5,000 $ S

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