Bobby Chew and Ronald Flynn enter into a partnership. On July 1, 201X, Bobby invests $7,500 cash
Question:
The equipment has a current appraised value of $9,300. Prepare a journal entry to record this transaction.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (15 reviews)
July 1 Cash 7500 Bobby ...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Below are separate transactions for Samar Company for the month of October. Prepare the suitable Journal entry under each transaction. 1. The owner Samar invests $80,000 in cash to start her...
-
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
-
Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock assuming the shares: a. Sell for $15 cash per share. b. Are exchanged for land valued at...
-
A charged isolated metal sphere of diameter 10 cm has a potential of 8000 V relative to V = 0 at infinity. Calculate the energy density in the electric field near the surface of the sphere.
-
The random variable X where Pr(X = 1) = 0.3, Pr(X = 2) = 0.3, and Pr(X = 3) = 0.4. Find the arithmetic and geometric means of the above random variables. Check that the arithmetic-geometric...
-
Give examples of how entrepreneurs can leverage marketing activities even when strapped for cash.
-
A major computer manufacturer is having a sale on computers. The number of computers sold during this sale at a sample of ten stores was $800,1,100,0,400,700,800,1,000,500$, 800 , and 300. a. Is...
-
What kinds of portable IT help employees work more efficiently and effectively? What may interfere with productivity?
-
AERO3630 Aerodynamics (Degree) HO Table 1: Atmospheric Data Potential Flow Experiment T 22 C T 295.15 K Patm 103200 Pa Patm 1.278 kg m-3 Table 2: Test Parameters Test 1 Test 2 PT 136 mm HO 205 mm HO...
-
(a) For a fiber-reinforced composite, the efficiency of reinforcement ? is dependent on fiber length l according to where x represents the length of the fiber at each end that does not contribute to...
-
From the following, prepare depreciation schedules for the first two years for (a) Straight-line, (b) Units-of-production, (c) Double declining-balance at twice the straight-line rate methods....
-
John Conway, Steve Barrett, and Mary Fitzpatrick invested $3,000, $12,600, and $14,400, respectively. At the end of the first year, the companys net income was $48,000. Assuming no agreement was...
-
What is sustainable soil use?
-
Two particles have positions at time t given by s1=4t-t 2 and s2 = 5t 2 -t 3 . when the acceleration of the two particles are equal, find the positions and velocities of both particles.
-
Make literature survey outline. Literature will be based on the Statement of the Problem. Give the theme, content and relevance of the study ANSWER TO THE LITERATURE SURVEY OUTLINE WILL BE BASED ON...
-
How would you describe the role of women in America? How did it change over time - from the start of the country to the late 1800s? Why or how might literature by women be different from literature...
-
How do specific considerations for reading and writing about literature affect the understanding of and communication about literature? 1. Defines close reading and its purpose. 2. Discusses an...
-
Based on your readings and professional experience define and discuss the value of childrens literature to foster literacy and reading development. Include comments on the value of childrens...
-
Identify the characteristics of a new application that lends itself to the MEAN or MERN stack.
-
Marc Company assembles products from a group of interconnecting parts. The company produces some of the parts and buys some from outside vendors. The vendor for Part X has just increased its price by...
-
What is meant by under/overabsorption of factory overheads? How will you account for them in cost accounts? Does it bear any impact while submitting quotations?
-
Julie Eagan, Tami DaRocha, and Abby Elldrege are partners who share losses and gains in a ratio of 2:2:1. Their capital balances are $5,200, $7,200, and $3,800, respectively. The partners are anxious...
-
L. Wacker, V. Saenz, and E. Rothe are partners with capital balances of $88,000, $83,000, and $74,000, respectively. Rothe sells his interest in the company for $85,000 to P. Skou. Wacker and Saenz...
-
a. The partnership of Tammy and Mark began with the partners investing $3,900 and $2,700, respectively. At the end of the first year, the partnership earned net income of $7,900. Under each of the...
-
Determine the material inventory balance at the end of may? Received Issued Receiving Received Materials Report Number Received Quantity Unit Price Requisition Number Issued Quantity Issued Balance...
-
During October 2 0 2 3 , Fern Field Farms, Inc. received $ 1 0 , 0 0 0 from customers in exchange for fruit and vegetables. During the same month, the company paid $ 2 , 0 0 0 to employees, $ 5 0 0...
-
Given data below answer the question. Cash Accounts receivable $ 10,200 Cash dividends 15,200 Consulting revenue Office supplies 3,550 Rent expense $ 2,340 15,200 3,910 Office equipment 18,310 Land...
Study smarter with the SolutionInn App