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Nancy Fleming has been operating an apartment-locator service as a sole proprietorship. She and Melissa Morris have decided to form a partnership Fleming's contribution
Nancy Fleming has been operating an apartment-locator service as a sole proprietorship. She and Melissa Morris have decided to form a partnership Fleming's contribution consists of Cash, $10,000; Accounts Receivable, K$11,000, Furniture, $13,000; Building (net), $50,000; and Notes Payable, $20.000 To determine Fleming's equity in the partnership, she and Morris hire an independent appraiser. The appraiser values all the assets and fabilities at their book value, except the building, which has a current market value of $94.000 Also, there are additional Accounts Payable of $11.000 that Fleming will contribute. Morris will contribute cash equal to Fleming's equity in the partnership Read the requirements Requirement 1. Jumalize the entry on the partnership books to recond Fleming's contribution (econd debits first, then credits. Select the explanation on the test ine of the journal entry table) Date Accounts and Explanation Debit Credit
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