Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hello thisnis muliple answer question (a,b) that i need your help with. thank you in advance. A. Wiggins, L. Stokes, and K. Hayes are forming

hello thisnis muliple answer question (a,b) that i need your help with. thank you in advance.
image text in transcribed
image text in transcribed
image text in transcribed
A. Wiggins, L. Stokes, and K. Hayes are forming a partnership. Wiggins is transferring $77,000 of personal cash to the partnership Stokes owns land worth $32,000 and a small building worth $180,000, which she transfers to the partnership. Hayes transfers to the partnership cash of $15,500, accounts receivable of $47.900 and equipment worth $23,000. The partnership expects to collect $45,700 of the accounts receivable. Prepare the journal entries to record each of the partners'investments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit (To record investment of Wiggins) (To record investment of Stokes) (b) What amount would be reported as total owners' equity immediately after the investments? Total owners' equity $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: McGraw Hill Education

14th Edition

1121182518, 978-1121182516

More Books

Students also viewed these Accounting questions

Question

what the difference between Turnaround v. Reversion of a project.

Answered: 1 week ago