Lori and Timothy combined their savings to open the Tres Leche Bakery. Lori invested $10,000 in cash,

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Lori and Timothy combined their savings to open the Tres Leche Bakery. Lori invested $10,000 in cash, whereas Timothy put in $7,500 in cash and some kitchen equipment with a book value at $8,000, accumulated depreciation at $2,000, and a market value at $5,000. Provide the journal entries to record these investments.

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Journal Entry Lori invested 10000 in cash CASH ACCOUNT DR 10000 TO LORIS CAPITAL ACCOUNT CR 10000 A...View the full answer

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Gautam Mandal

I believe my expertise and experience position me as a perfect tutor for this role. I have last 20 years of experience in teaching as well as corporate sector in the areas of Accounts & Finance, Taxation functions providing my qualification and background. My last association with M/s. Woco Motherson Ltd.(FZC) –Sharjah (UAE) operation, as Factory Accountant ; managing overall accounting activities including preparation of monthly profitability, finalize all books of accounts, Audit, Budgeting, MIS, Purchase, Import, Export & HR/admin functions. Presently I am working with M/s. Sushe Marine Services Pvt. Ltd. Kolkata, India as a Manager- Finance & Accounts, handling over all Accounting, Audit, MIS, , Budgeting, Finance, Imports, Invoicing, Revenue Generation, Commercial & General Management functions. Last five years I am also associate with Chegg and Transtutor as a expert tutor as subject matter of Accounts/ finance, corporate accounts, audit & general management.

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