On August 1, Joe Mora and Mary Howard decide to form a partnership. Of the following...

 

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On August 1, Joe Mora and Mary Howard decide to form a partnership. Of the following items shown below, Mora invested the assets and the partnership assumed the liabilities: Accounts receivable Land Building Accounts payable Note payable Fair Value $ 7,200 300,000 95,000 4,000 198,000 Howard invested $10,000 in cash and $45,000 in equipment. Required: Prepare two journal entries; one to record each partner's investment in the partnership. On August 1, Joe Mora and Mary Howard decide to form a partnership. Of the following items shown below, Mora invested the assets and the partnership assumed the liabilities: Accounts receivable Land Building Accounts payable Note payable Fair Value $ 7,200 300,000 95,000 4,000 198,000 Howard invested $10,000 in cash and $45,000 in equipment. Required: Prepare two journal entries; one to record each partner's investment in the partnership.

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Answer The two journal entries would be Accounts title Accounts re... View the full answer