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Prepare the journal entry to record the formation of the partnership. 3. Arthur, Barnett, and Cummings form a partnership. Arthur contributes $50,000 cash and Barnett

Prepare the journal entry to record the formation of the partnership.
3. Arthur, Barnett, and Cummings form a partnership. Arthur contributes $50,000 cash and Barnett contributes $30,000 in cash. Cummings contributes equipment with a fair value of $55,000. Prepare the journal entry to record the formation of the partnership. Account Title PR Debit Credit Page 2

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