Question: 2) On August 1, Noah and Gail decide to form a partnership. Of the following items shown below, Noah invested the assets and the partnership

2) On August 1, Noah and Gail decide to form a partnership. Of the following items shown below, Noah invested the assets and the partnership assumed the liabilities: Gall invested $40,000 in cash and $25,000 in equipment. Prepare two journal entries to record the partners' investments in the partnership. (1 Mark)

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