Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $50,000 of personal cash to the partnership. Rosen owns land worth

K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $50,000 of personal cash to the partnership. Rosen owns land worth $15,000 and a small building worth $80,000, which she transfers to the partnership. Toso transfers to the partnership cash of $9,000, accounts receivable of $33,000, and equipment worth $38,000. The partnership expects to collect $29,000 of the accounts receivable. The entry to record the contribution of Toso will include a:

Select one: a. debit to accounts receivable 29000 b. debit to equipment 38000 c. debit to Toso, capital 76000 d. credit to cash 9000

--------------- I do not want a detailed answer. I just want the final answer as soon as possible. Solve quickly I get you thumbs up directly Thank's Abdul-Rahim Taysir

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

More Books

Students also viewed these Accounting questions

Question

Describe how we perceive depth in three-dimensional space.

Answered: 1 week ago

Question

Detailed note on the contributions of F.W.Taylor

Answered: 1 week ago