Ernest Brown and Cathy Markis form a partnership on September 1, 201X. Brown contributes cash of $43,000.

Question:

Ernest Brown and Cathy Markis form a on September 1, 201X. Brown contributes cash of $43,000. Markis contributes $30,500 cash and land costing $18,300 with a current fair value of $29,500. A $29,500 note payable due to Markis is assumed by the new Please prepare the journal entries to record Brown’s and Markis’s investment in the Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...