Question
Luke, Lando and Leia decide to start a partnership called LLL Consulting on March 1, 2020. Each of them contribute a number of items to
Luke, Lando and Leia decide to start a partnership called LLL Consulting on March 1, 2020. Each of them contribute a number of items to the partnership, which are listed below." Luke contributed $6,900 cash and a building he had purchased for $272,000. The building now has a market value of $299,200. Lando contributed $3,800 cash, equipment he had purchased for $33,900 and a note payable worth $23,000. The equipment has a market value of $30,510. Leia contributed $7,600 cash, furniture she has purchased for $11,600 and accounts payable worth $7,100. The furniture has a market value of $9,280 Prepare the journal entries to record the contributions of each partner. Do not enter dollar signs.or.commas.in the input boxes For transactions with more than one debit or credit. enter the accounts in alphabetical order. Date Account Title and Explanation Debit Mar 1 Cash 0 6900 Building 299200 Capital, Luke Investment by Luke Credit D 306100 Date Account Title and Explanation Mar 1 4 Mar 1 Investment by Luke Mar 1 Investment by Lando Debit Credit 4 Investment by Leia 4
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