On May 1 Jason Pua and Roy Nelson formed the partnership called JR Landscaping. Jason contributed $8,100
Question:
On May 1 Jason Pua and Roy Nelson formed the partnership called JR Landscaping. Jason contributed $8,100 cash and all of his landscaping equipment. Jason had purchased the equipment for $2,500 last year. The market value of this equipment is now $1,800. Roy contributed $1,000 cash and his truck to the partnership. The truck currently has a market value of $5,600.
Instructions
Prepare the journal entries required to record the investment that each partner contributed in creating the partnership. Use page 1 of the general journal in your working papers. The source document for this assignment is Memorandum 1.
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The journal entry is as follows i Jason Pua contributed 8100 cash and all of his landscapi...View the full answer
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