Paul and Marie agreed to form a partnership with total agreed capital contribution of $500,000 cash. Partner

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Paul and Marie agreed to form a partnership with total agreed capital contribution of $500,000 cash. Partner Marie would be an industrial partner to received 30% profit sharing.

Which of the following is correct?

A. The total capital of Paul is $350,000.

B. The total capital of Marie is zero.

C. The journal entry to record the contribution of Paul includes credit of capital $350,000.

D. The journal entry to record the contribution of Marie includes debit of cash $150,000.

Posted Date: May 31, 2024 03:01 AM

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Paul and Marie agreed to form a partnership with total agreed capital contribution of $500,000 cash. Partner

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