Question
Dave Krug contributed $1,200 cash along with inventory and land to a new partnership. The inventory had a market value of $2,400. The land had
Dave Krug contributed $1,200 cash along with inventory and land to a new partnership. The inventory had a market value of $2,400. The land had a market value of $5,400. The partnership also accepted a $3,200 note payable owed by Krug to a creditor.
Prepare the partnerships journal entry to record Krugs investment.
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Cornerstones of Financial and Managerial Accounting
Authors: Rich Jones, Mowen, Hansen, Heitger
1st Edition
9780538751292, 324787359, 538751290, 978-0324787351
