Question
Jackson O'Neil and WIlber Popa formed a partnership with Jackson contributing land valued at $100,000 and building valued at $125,000. Wilber contributed $55,000 in cash.
Jackson O'Neil and WIlber Popa formed a partnership with Jackson contributing land valued at $100,000 and building valued at $125,000. Wilber contributed $55,000 in cash. The partnership assumed the mortgage on Jackson property of $85,000. Profits and losses are to be shared equally. The journal entry to record the partnership investments of O'Neil and Pops is?
****PLEASE EXPLAIN WHY JACKSON'S CAPITAL ACCOUNT IS $140,000. Thank you!!!!!!!******
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Management And Cost Accounting
Authors: Charles T. Horngren (Author), Alnoor Bhimani (Author), Srikant M. Datar (Author), George Foster
2nd Edition
0273651838, 978-0273651833
