Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 19, 2024

Mike Derr and Mark Finger form a partnership. Derr contributes the following items (at market value). Prepare the partnerships journal entry to record Derrs investment.

Mike Derr and Mark Finger form a partnership. Derr contributes the following items (at market value). Prepare the partnerships journal entry to record Derrs investment.
Cash$ 1,000Equipment$ 5,000Accounts payable$ 4,500Supplies3,000Land8,000Notes payable3,100

Record investment of Derr.

Note: Enter debits before credits.
TransactionGeneral JournalDebitCredit1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

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

Managerial Accounting

Authors: Ray Garrison, Eric Noreen, Peter Brewer

16th edition

1259307417, 978-1260153132, 1260153134, 978-1259307416

Students also viewed these Accounting questions

Question

Answered: 1 week ago

Question

★★★★★

For 2007, Campbell Soup Company had pension expense of $32 million and contributed $32 million to the pension fund. Prepare Campbell Soup Companys journal entry to record pension expense and funding.

Answered: 1 week ago

Question

★★★★★

MV Corporation has debt with market value of $ 100 million, common equity with a book value of $ 104 million, and preferred stock worth $ 22 million outstanding. Its common equity trades at $ 53 per...

Answered: 1 week ago

Question

★★★★★

9. Daniel is due to retire in 23 years, at which time he will start collecting pension benefits. His employer is scheduled to begin funding Daniel's pension benefits with 23 end-of-year annual...

Answered: 1 week ago

Question

★★★★★

For a set of 70 coin flips, we record 21 heads and 49 tails. 1) If p is the true probability of heads, what is our best estimate for p here? 2) What is our best estimate for the standard deviation

Answered: 1 week ago

Question

★★★★★

Question 1 Corinth Biotech Limited (CBL) started operations in January 2018. CBL reports under IFRS. The following activities occurred during the year: 1. On January 31, 2018, the shareholder, John...

Answered: 1 week ago

Question

★★★★★

Andreti Company has a single product called a Dak. The company normally produces and sells 86,000 Daks each year at a selling price of $56 per unit The company's unit costs at this level of activity...

Answered: 1 week ago

Question

★★★★★

Please slove fast and use Australian taxation law for reference Steve is an editor employed full time at a major Australian book publisher "WritePublishing". In his spare time, Steve enjoys writing...

Answered: 1 week ago

Question

★★★★★

What is the cerebrum?

Answered: 1 week ago

Previous Question Next Question