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why it's wrong? Bloom and Plant organize a partnership on January 1, Bloom's initial investment consists of $1,200 cash, $2,500 equipment and a $800 note
why it's wrong? Bloom and Plant organize a partnership on January 1, Bloom's initial investment consists of $1,200 cash, $2,500 equipment and a $800 note payable reflecting a bank loan for the new business. Plant's initial investment is cash of $4,500. These amounts are the values agreed on by both partners. The journal entry to record Plant's investment is Multiple Choice O Debit Cash $4,500, credit Plant, Capital $4,500, O Debit Bloom, Capital S4,500, Credit Cash $4.500 Debit Cash 3,700, debit Note Payable $800, credit Plant, Capital $4,500 O Debit Cash $4,500; credit Plant, Capital $4,500. Debit Bloom, Capital $4.500, credit Cash $4,500 O Debit Cash $3,700, debit Note Payable $800; credit Plant, Capital S4,500. Debit Cash $5.300; credit Note Payable $800, credit Plant. Capital $5,300 Debit Cash $4500, credit Note Payable $800, credit Plant Capital 53.700
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