R. Black and B. Rivers decide to organize the Black River Partnership. Black contributes $10,000 cash. Rivers
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R. Black and B. Rivers decide to organize the Black River Partnership. Black contributes $10,000 cash. Rivers contributes $2,400 of accounts receivable, of which the artners agree that $2,000 is collectible. Rivers will also contribute the amount of cash required so both partners have the same amount in their capital accounts. Prepare the entry to record each partner’s investment in the partnership on July 1, 2021.
PartnershipA 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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July 1 Cash10000 R Black Capital 10000 Invested cash in business 1 Acc...View the full answer
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Related Book For
Accounting Principles Volume 2
ISBN: 978-1119502555
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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