Question: college accounting chapter 19 partnership was formed? Problem 19.2B Objective 19-3 - Accounting for formation of a partnership. James Grayson operates a store that sells

college accounting chapter 19

partnership was formed? Problem 19.2B Objective 19-3 - Accounting for formation of a partnership. James Grayson operates a store that sells paintings and portraits by local artists. Grayson has agreed to enter into a partnership with Connie Chu, effective January 1, 20X1. The new firm will be called Paintings and Portraits Supply Company. Grayson is to transter the the partnership at the values agreed on. Chu will invest cash that is equal to Grayson's investment after revaluation. The accounts shown on Grayson's books and the agreed-on value of assets and liabilities follow: INSTRUCTIONS 1. Prepare the general joumal entries to record the following transactions on the books of the partnership on January 1, 20X 1 : a. Receipt of Grayson's investment of assets and liabilities. b. Receipt of Chu's investment of cash. partnership was formed? Problem 19.2B Objective 19-3 - Accounting for formation of a partnership. James Grayson operates a store that sells paintings and portraits by local artists. Grayson has agreed to enter into a partnership with Connie Chu, effective January 1, 20X1. The new firm will be called Paintings and Portraits Supply Company. Grayson is to transter the the partnership at the values agreed on. Chu will invest cash that is equal to Grayson's investment after revaluation. The accounts shown on Grayson's books and the agreed-on value of assets and liabilities follow: INSTRUCTIONS 1. Prepare the general joumal entries to record the following transactions on the books of the partnership on January 1, 20X 1 : a. Receipt of Grayson's investment of assets and liabilities. b. Receipt of Chu's investment of cash

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