On June 1 Matthew Deck and Jennifer Rusk agree to combine their sole proprietorships into a new
Question:
On June 1 Matthew Deck and Jennifer Rusk agree to combine their sole proprietorships into a new business, Dreamscapes Catering, organized as a partnership. The partnership will take over all assets of the two proprietorships. The assets invested by Deck and Rusk follow.
Instructions
Prepare the journal entries required to record the investment by each partner. Use page 1 of the general journal in your working papers. The source document is Memorandum 1.
Investments Cash Accounts receivable Merchandise Equipment Van Office Furniture Deck $ 1,200 2,000 8,000 5,000 12,000 1,000 Rusk $ 2,300 7,000 5,000 12,000 500
Step by Step Answer:
The journal entries to record the investment by each partner in Dreamscapes Catering would be as follows Journal Entry 1 Recording Investment by Matth...View the full answer
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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