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Barbara Ripley and Fred Nichols decide to organize the Blossom partnership. Ripley invests $11,100 cash and Nichols contributes $7,400 cash and equipment with a cost
Barbara Ripley and Fred Nichols decide to organize the Blossom partnership. Ripley invests $11,100 cash and Nichols contributes $7,400 cash and equipment with a cost of $5,180 and accumulated depreciation of $3,700 and a fair value of $2,220. Prepare the entries to record each partner's investment in the partnership. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash (Invested cash in business.) F. Nichols, Capital A (Invested cash and equipment in business.)
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