Nancy Fabio has been operating an apartment-locator service as a sole proprietorship. She and Melissa Motts have
Question:
To determine Fabio's equity in the partnership, she and Motts hire an independent appraiser. The appraiser values all the assets and liabilities at their book value except the building, which has a current market value of $95,000. Also, there are additional Accounts Payable of $9,000 that Fabio will contribute. Motts will contribute cash equal to Fabio's equity in the partnership.
Requirements
1. Journalize the entry on the partnership books to record Fabio's contribution.
2. Journalize the entry on the partnership books to record Motts's contribution.
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... 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...
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Related Book For 
Horngrens Accounting
ISBN: 978-0133866889
11th edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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