Ethan Munroe and Crista Cross form a partnership on March 1, 201X. Munroe contributes $42,000. Cross contributes

Question:

Ethan Munroe and Crista Cross form a on March 1, 201X. Munroe contributes $42,000. Cross contributes $28,500 cash and land costing $18,300 with a current fair value of $33,000. A $29,000 note payable due to Cross is assumed by the new Please prepare the journal entries to record Munroe's and Cross's investment in the Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...