Lisa Morris and Joyce Laski agreed on September 1 to go into business as partners. According to
Question:
Lisa Morris and Joyce Laski agreed on September 1 to go into business as partners. According to the agreement, Morris is to contribute $45,000 cash and Laski is to contribute $65,000 cash. Provide a separate journal entry for the investment of each partner.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (16 reviews)
DATE 20 Sept 1 Cash GENERAL JOURNAL 1 Cas...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Sharon Usher and Leann Gomez agreed on September 1 to go into business as partners. According to the agreement, Usher is to contribute $30,000 cash and Gomez is to contribute $50,000 cash. Provide a...
-
Patty McShane and Betty Lou Blixt agreed on September 1 to go into business as partners. According to the agreement, McShane is to contribute $55,000 cash and Blixt is to contribute $80,000 cash....
-
Three former RIM employees decided to go into business for themselves and open a store near an office park to sell wireless equipment to young professionals. Their first products were cell phones,...
-
Determine which of the fundamental laws of algebra is demonstrated. 8(3 2) = 8(3) 8(2)
-
A firm has the following items on its balance sheet: Cash $ 20,000,000 Inventory $134,000,000 Notes payable to bank $ 31,500,000 Common Stock ($10 par; 1,000,000 shares outstanding) $ 10,000,000...
-
(a) Find an equation of the tangent line to the graph of the function at the given point, (b) Use a graphing utility to graph the function and its tangent line at the point, and (c) Use the tangent...
-
What would be the implications for Sukhol's functional strategies?LO1
-
National Orthopedics Co. issued 9% bonds, dated January 1, with a face amount of $500,000 on January 1, 2011. The bonds mature in 2014 (4 years). For bonds of similar risk and maturity the market...
-
help me please i keep missing this
-
The distance of a star from the Sun, as measured in the rest frame of the Sun and star, is 5.3 light-years. Consider a spaceship that departs the solar system at a speed c bound for the star, when...
-
Describe the four accounting entries for the liquidation of a partnership.
-
Karen Rhea and Wayne Sellevaeg decided to form a partnership on July 1, 20-1. Rhea invested $100,000 and Sellevaeg invested $50,000. For the fiscal year ended June 30, 20-2, a net income of $90,000...
-
How are federal administrative agencies created?
-
While sovling y' = Ky(Ay), we used the fact that 1 y(1) 1 1 - y y-A Use partial fraction decomposition (and a bit of algebra) to show that this is true. 1) Use partial fractions. Do not merely...
-
You are fluent in three languages. In terms of your strengths, this is an example of what? a. Personal brand b. Vocation c. Experience d. Competency
-
Miller Company's contribution format income statement for the most recent month is shown below: Sales (45,000 units) Variable expenses Contribution margin Fixed expenses Net operating income...
-
Find f''(x). f(x) = (x+8) 5 f''(x) =
-
How does the market play into business financials? 2- How do stocks and bonds play into the future of the organization? 3- What is the future value of money and what is it used for? 4- What is a...
-
Explain how a company's business strategy affects financial analysis, p. 705 LO1
-
What is the order p of a B + -tree? Describe the structure of both internal and leaf nodes of a B + -tree.
-
Use Spice to solve the indicated problems and examples. Find the steady-state values of i L , v C1 , and v C2 in the circuit of Fig. 7-13(a). Figure 7-13 is(t) = (+ 3u(t-1) UC C 3 v(t)=18u(t) 2 6...
-
What is the purpose of a journal?
-
What is the value of having a description for each general journal entry?
-
What is the value of having a description for each general journal entry?
-
A first-time shareholder has approached you requesting some advice. The shareholder has received the company's annual report and noticed the following statement in the summary of significant...
-
View Policies Current Attempt in Progress REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 1 0 2 snowboards...
-
*Please explain how you got the answers* The following costs result from the production and sale of 1,000 drum sets manufactured by Tight Drums Company for the year ended December 31, 2019. The drum...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App