Luke, Lando and Leia decide to start a partnership called LLL Consulting on February 1, 2012. Each of them contribute a number of items to the partnership, which are listed below. The building has a market value of $249,700, the equipment has a market value of $29,520 and the furniture has a market value of $8,720.
Luke contributed $5,900 cash and a building he had purchased for $227,000. The building now has a market value of $249,700. Lando contributed $3,800 cash, equipment he had purchased for $32,800 and a bank loan worth $21,000. The equipment has a market value of $29,520. Leia contributed $8,100 cash, furniture she has purchased for $10,900 and accounts payable worth $6,500. The furniture has a market value of $8,720. 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 | Credit |
| Feb 1 | Answer |
| | Answer |
| | Investment by Luke | | |
| |
| Feb 1 | Answer |
| | Answer |
| | Investment by Lando | | |
| |
| Feb 1 | Answer |
| | Answer |
| | Investment by Leia | | |
