Martin contributes cash of $24,000, and Steven contributes office equipment that cost $20,000 but is valued at

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Martin contributes cash of $24,000, and Steven contributes office equipment that cost $20,000 but is valued at $16,000 to the formation of a new partnership. Prepare the journal entry to form the partnership.

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Principles of Accounting

ISBN: 978-1133626985

12th edition

Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson

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Posted Date: Jul 06, 2018 09:28 AM

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Martin contributes cash of $24,000, and Steven contributes office equipment that cost $20,000 but is valued at

Question:

Cash Office Equipment Martin, Capital Steven, Capital To record formation of partnership 24,000 16,000 24,000 16,000 Cash Office Equipment Martin, Capital Steven, Capital To record formation of partnership 24,000 16,000 24,000 16,000

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Principles of Accounting

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