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The partners (Abdikarim, Megan, and Nhia) on January 1, 2013 invest the following into their newly formed partnership (AMN Partner Group). The partners (Abdikarim, Megan,
The partners (Abdikarim, Megan, and Nhia) on January 1, 2013 invest the following into their newly formed partnership (AMN Partner Group).
The partners (Abdikarim, Megan, and Nhia) on January 1, 2013 invest the following into their newly formed partnership (AMN Partner Group) Abdikarim Total Megan Cash 250,000 50,000 100,000 400,000 30,000 30,000 Accounts Receivable 40,000 Equipment 175,000 Building 175,000 100,000 100,000 Land S 320,000 IS 325,000 S 100,000 IS 705,000 Total Assets 10,000 10,000 Accounts Payable 75,000 Mortgage Payable 75,000 10,000 3 75,000 85.000 Total Liabilities 310,000 Ls 250,000 100,000 620,000 Net Assets Invested on an individual (by partner) basis prepare the journal entry necessary to reflect the initial partner investment (set-up). Debit Credit Partner Capital, Abdikarim Partner Capital, Megan Partner Capital, NhiaStep by Step Solution
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