Dave Krug contributed $2,500 cash along with inventory and land to a new partnership. The inventory...

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Dave Krug contributed $2,500 cash along with inventory and land to a new partnership. The inventory had a book value of $2,300 and a market value of $5,000. The land had a book value of $2,900 and a market value of $8,000. The partnership also accepted a $4,500 note payable owed by Krug to a creditor. Prepare the partnership's journal entry to record Krug's investment. View transaction list Journal entry worksheet A Record the investment of Krug. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Dave Krug contributed $2,500 cash along with inventory and land to a new partnership. The inventory had a book value of $2,300 and a market value of $5,000. The land had a book value of $2,900 and a market value of $8,000. The partnership also accepted a $4,500 note payable owed by Krug to a creditor. Prepare the partnership's journal entry to record Krug's investment. View transaction list Journal entry worksheet A Record the investment of Krug. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal

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Cash 2500 Inventory ... View the full answer