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On January 1, 2020, Sara, Jef, and Jessica formed a partnership by all contributing cash. Sara contributed $65,000, Jef contributed $30,000 and Jessica contributed $45,000.

On January 1, 2020, Sara, Jef, and Jessica formed a partnership by all contributing cash. Sara contributed $65,000, Jef contributed $30,000 and Jessica contributed $45,000.

A. Prepare the journal entries on January 1, 2020 to establish the partnership.

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