Requirements:
Journalize the formation of the partnership.
General Journal
Accounts				Debit		Credit
Cash				$ 40,000
Totals

. Rose								S. Flowers
Asset			Book value		Market value			Asset			Book Value		Market value
Cash			$ 30,000					Cash			$ 10,000
Accounts receivable			$ 5,000		$ 3,000			Equipment			$ 70,000		$ 35,000
Note payable			$ 10,000					Accumulated Depreciation			$ 15,000
Inventory			$ 25,000		$ 28,000			Accounts Payable			$ 7,000