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what is the amount of Cash and B. Ripley Capital? Barbara Ripley and Fred Nichols decide to organize the Blossom partnership. Ripley invests $11,100 cash
what is the amount of Cash and B. Ripley Capital?
Barbara Ripley and Fred Nichols decide to organize the Blossom partnership. Ripley invests $11,100 cash and Nichols contributes $7,400 cash and equipment with a cost of $5,180 and accumulated depreciation of $3,700 and a fair value of $2,220. Prepare the entries to record each partner's investment in the partnership. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash B. Ripley, Capital 4 (Invested cash in business.) Cash 7400 LINE Equipment 2220 F. Nichols, Capital 9620 (Invested cash and equipment in business.)Step by Step Solution
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