In 2019, Selena Lopez invests cash of $110,000 in a newly formed partnership that will operate The

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In 2019, Selena Lopez invests cash of $110,000 in a newly formed partnership that will operate The Tennis Shop. In return, Lopez receives a one-third interest in the capital of the partnership. In general journal form, record Lopez’s investment in the partnership.

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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College Accounting Chapters 1-30

ISBN: 978-1259631115

15th edition

Authors: John Price, M. David Haddock, Michael Farina

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