R. Black and B. Rivers decide to organize the Black Rivers Partnership. Black contributes $10,000 cash. Rivers
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R. Black and B. Rivers decide to organize the Black Rivers Partnership. Black contributes $10,000 cash. Rivers contributes $2,400 of accounts receivable, of which the partners agree that $2,000 is collectible. Rivers will also contribute the amount of cash required so both partners have the same amount in their capital accounts. Prepare the entry to record each partner’s investment in the partnership on July 1, 2024.
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Related Book For
Accounting Principles Volume 2
ISBN: 9781119786634
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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