Genevieve and Ben decide to form a partnership. Genevieve has $48,000 in her Capital account and...
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Genevieve and Ben decide to form a partnership. Genevieve has $48,000 in her Capital account and nothing in her Drawings account. Ben has $15,000 of cash to invest in the partnership. Because they are going to deliver the pet treats to the pet stores, Ben is also investing his van into the partnership. The fair value of the van is $31,000 and the partnership is going to take over the $14,000 bank loan that Ben still has on the van. Genevieve and Ben agree that Ben will receive 45% ownership of the company. The partnership will start January 1, 2024 and will have a December 31 year-end. Genevieve has asked you to record the journal entry to form the partnership. Genevieve and Ben decide to form a partnership. Genevieve has $48,000 in her Capital account and nothing in her Drawings account. Ben has $15,000 of cash to invest in the partnership. Because they are going to deliver the pet treats to the pet stores, Ben is also investing his van into the partnership. The fair value of the van is $31,000 and the partnership is going to take over the $14,000 bank loan that Ben still has on the van. Genevieve and Ben agree that Ben will receive 45% ownership of the company. The partnership will start January 1, 2024 and will have a December 31 year-end. Genevieve has asked you to record the journal entry to form the partnership.
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In the Books of Genevieve and Ben Journal Entry Date P... View the full answer
Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
Posted Date:
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