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Bloom and Plant organize a partnership on January t. Bioom's initial irvestment consists of $450 cash. $1.800 equipment and a $300 note payable reflecting a
Bloom and Plant organize a partnership on January t. Bioom's initial irvestment consists of $450 cash. $1.800 equipment and a $300 note payable reflecting a bank loan for the new business. Plants initial investment is cash of $1950. These amounts are the values agreed on by both partners. The journal entry to record Bloom's invostment is: Multiple Chaice Oebit Cash 5850, debit Equparent Siedo: credit Bloom, Captal \$2.250 Debit Cowh st950, cedit Bloom, Caplat \$1,950. Debt Bioom, Capital 32,550; cedit Accounts Prrable \$2.550
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