On February 3, 2016 Sam Singh invested $90,000 cash for a 1/3 interest in a newly formed
Question:
On February 3, 2016 Sam Singh invested $90,000 cash for a 1/3 interest in a newly formed partnership. Prepare the journal entry to record the transaction.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (9 reviews)
The journal entry is as follows i ...View the full answer
Answered By
Brian Otieno
I'm Brian , an experienced professional freelancer with countless hours of success in freelancing many subjects in different disciplines. Specifically, I have handled many subjects and excelled in many disciplines. I have worked on many Computer Science projects and have been able to achieve a lot in that field. Additionally, I have handled other disciplines like History, Humanities, Social Sciences, Political science, Health care and life science, and Religion / Theology. My experience generally in these subjects has made me able to deliver high-quality projects in a very timely fashion. I am very reliable at my job and will get the work done in time, no matter what. In Addition, I have managed to ensure that the work meets my client's expectations and does not cause an error. I am a hard-working and diligent person who is highly responsible for everything I do. Generally, Freelancing has made me more accountable for doing my job. Additionally, I have had a passion for writing for the last seven years in this field.
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
Prepare the Journal entry to record the inventory Shrinkage and prepare all closing entries. The trial balance for a merchandiser, before the journal entries below, is as follows. A physical count of...
-
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...
-
How does national culture relate to business structures?
-
How is loss prevention different from loss reduction? Give some examples of each.
-
A solid plastic sphere of radius 10.0 cm has charge with uniform density throughout its volume. The electric field 5.00 cm from the center is 86.0 kN/C radially inward. Find the magnitude of the...
-
Balancing a fan on a motor-driven machine has not dropped the overall vibration sufficiently. What is the next step?
-
The following account titles and balances were taken from the adjusted trial balance of King Co. for 2016. The company uses the periodic inventory system. Account Title ..............Balance Sales...
-
Customer Background and Request Information Teague Electric is owned by Ryan Bealmear (80% ownership) and Joe Lewis (20% ownership).Joe is the company president and soninlow to Ryan.Ryan intends to...
-
A piece of string is connected between two adjacent houses to form a clothesline. The houses are separated by d = 22 m, and both ends of the string are the same height off the ground. A sweater is...
-
A well written partnership agreement should include each of the following except ________. A. How to settle disputes B. The name of the partnership C. Division of responsibilities D. Partners...
-
Which one of the following would not be considered in the development of a partnership agreement? A. Profit and loss levels B. Processing disputes C. Stock options D. Asset contributions
-
As an investigator evaluating how well mutual fund managers select undervalued stocks or project market returns, discuss whether net or gross returns are more relevant.
-
How does Functionalism navigate the complexities of societal change and adaptation, particularly in terms of how institutions evolve to fulfill new functions and accommodate shifting social dynamics?
-
what ways do ecofeminist perspectives analyze the interconnectedness between gender oppression and environmental degradation, highlighting how patriarchal systems exploit both women and nature ?
-
Sales Sregor Company Income Statement $100,000 Cost of Goods Sold 40,000 Gross Profit 60,000 Various operating expenses 25,000 Depreciation expense 4,000 Interest expense 2,000 Net Income before tax...
-
Describe a new insight or perspective gained after reviewing this week's review of the IHI ACA video as it relates to quality and finance. How do you foresee this perspective impacting your practice.
-
Question: How does the saving rate of middle-career individuals compare with that of retirees? Please explain the economic reasoning.
-
The text states: if the decimal expansions of numbers a and b agree to k places, then | a - b | 10k. Show that the converse is false: For all k there are numbers a and b whose decimal expansions do...
-
What are the two methods used to translate financial statements and how does the functional currency play a role in determining which method is used?
-
Can you identify the core competencies of your company? Do they currently contribute to a competitive advantage? If not, what changes could your company make to establish a competitive advantage?
-
Discuss how the marketing concept contributes to a companys long-term success.
-
Define a database. What is its purpose, and what does it include?
-
Under what conditions would the National Building Code (N.B.C.) be used, as opposed to the Ontario Building Code (O.B.C.)?
-
Each month I have to lie on my expense report in order to get reimbursed for an honest business lunch," is example of?
-
Secondary Analysis: This week visit the Keizer Online Library and find a full-text article on secondary analysis in research. Find a full-text article, download it, highlight it, and upload it to the...
Study smarter with the SolutionInn App