On January 11, 2023, Olivia Tsang and David Breck organize as a partnership called the Landing Zone.
Fantastic news! We've Found the answer you've been seeking!
Question:
On January 11, 2023, Olivia Tsang and David Breck organize as a partnership called the Landing Zone. Their business offers year-round facilities for skateboarding and snowboarding. Tsang’s initial net investment in the Landing Zone is $30,000, made up of $7,000 in cash, equipment with a fair value of $33,000, and a $10,000 note payable reflecting a bank loan for the business due in six months. Breck’s initial investment is cash of $10,000. These amounts are the values agreed upon by both partners.
Do the entries to record these investments
Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date: