HW 12 Q1

Please answer clearly - Thanks!

Moss and Barber organize a partnership on January 1. Moss's initial net investment is $79,000, consisting of cash ( $20,000 ), equipment ($72,000), and a note payable reflecting a bank loan for the new business ($13,000). Barber's initial investment is cash of $31,000. Prepare journal entries to record (1) Moss's investment and (2) Barber's investment. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the initial investment of Barber. Note: Enter debits before credits