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Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $800 cash, $2.500 equipment and a $700 note payable reflecting a

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Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $800 cash, $2.500 equipment and a $700 note payable reflecting a bank loan for the new business Plant's initial investment is cash of $4,000. These amounts are the values agreed on by both partners. The journal entry to record Plant's Investment is: Multiple Choice Debit Biom. Capital 54.000 Credit Cash $4,000 Debt Cash 54700, credit Note Payable $700; credit Plant Capital 54700 Debit Cah 54,000 credit Plant, Capital $4,000 Debit Cash $4.000 credit Note Payable $700, credit Plant Capital $3,300. Debit Cash $3,300; debit Note Payable $700, credit Plant Capital $4.000

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