Chapter 12 - Exercise (3) (Protected View] - Excel (Unlicensed Product Enable Editing File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View NOTICE Most features are disabled because your Office product is inactive. To use for free, sign in and use the Web version. Activate K L M N A1 - : f E12-2B Journalize entry for formation of a Partnership A B C D E F G H I 1 E12-21 Journalize entry for formation of a Partnership 2 Brent Bosch, Carol Colow, and Debbie Dole are forming a partnership. Bosch is 3 transferring $60,000 of personal cash to the partnership. Colaw owns land worth $20,000 and 4 a small building worth $80,000, which she transfers to the partnership. Dole transfers to the 5 partnership cash of $11,000, accounts receivable of $34,000 and equipment worth $21,000. 6 The partnership expects to collect $30,000 of the accounts receivable. 8 Instructions 9 (a) Prepare the journal entries to record each of the partners' investments. 10 11 (b) What amount would be reported as total owners' equity immediately after the investments? 13(C) Prepare an opening balance sheet for the partnership. 15 16 (a) JOURNAL ENTRIES FOR THE FORMATION OF THE PARTNERSHIP Description Debit Credit