Moss and Barber organize a partnership on January 1. Moss's initial net investment is $88,000, consisting of cash ($33,000), equipment ($70,000), and a note payable reflecting a bank loan for the new business ($15,000). Barber's initial investment is cash of $34,000.

Exercise 123 (Algo) Journalizing partnership formation LO P1 Moss and Barber organize a partnership on January 1. Moss's initial net investment is $88,000, consisting of cash ($33,000), equipment ($70,000), and a note payable reflecting a bank loan for the new business ($15,000). Barber's initial investment is cash of $34,000. Prepare journal entries to record (1) Moss's investment and (2) Barber's investment. Journal entry worksheet Record the initial investment of Moss. Note: Enter debits before credits. A Record the initial investment of Moss. B Record the initial investment of Barber