Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Bloom and Plant organize a partnershlp on January 1. Bloom's Initial Investment consists of $450 cash, $1,800 equipment and a $300 note payable ref ecting
Bloom and Plant organize a partnershlp on January 1. Bloom's Initial Investment consists of $450 cash, $1,800 equipment and a $300 note payable ref ecting a bank loan for the new business. Plant's Initial Investment is cash of $1,950. These amounts are the values agreed on by both pertners. The joumal entry to record Bloom's investment is: O Debit Cash $450; debit Equipment $1800: credit Note Payable $300: credit Bloom, Capital $1.950. O Debit Cash $1,950, credit Bloom, Capital $1,950. Debit Cash $450; clebit Equipment $1800; crecit Bloom, Capital $2.300 O Debit Cash $450; debit Equipment $1500; credit Bloom, Capital $1.950 O Debit Bloom, Capital $2.550: credit Common Stock $2.550
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started