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Question 2 (6 Marks) Lewis and Watson formed a partnership. Lewis contributed $15,000 cash and accounts receivable worth $13,000. Watson's investment included cash, $8,000; inventory,
Question 2 (6 Marks)
Lewis and Watson formed a partnership. Lewis contributed $15,000 cash and accounts receivable worth $13,000. Watson's investment included cash, $8,000; inventory, $9,000; and supplies, $1,000. (All values are current fair market values). Prepare the journal entry to record the formation of the partnership.
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