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9 (1 point) Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $450 cash, $1,800 equipment and a $1,500 note
9 (1 point) Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $450 cash, $1,800 equipment and a $1,500 note payable reflecting a bank loan for the new business. Plant's initial investment is cash of $750. These amounts are the values agreed on by both partners. The journal entry to record Bloom's investment is: a Debit Cash $450; debit Equipment $1,800; credit Note Payable $1,500; credit Bloom, Capital $750. b Debit Cash $750; credit Bloom, Capital $750. c Debit Cash $450; debit Equipment $1,800; credit Bloom, Capital $2,250. d Debit Cash $450; debit Equipment $300; credit Bloom, Capital $750. e Debit Bloom, Capital $3,750; credit Accounts Payable $3,750
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