Montez and Flair formed a partnership. Montez contributed $15,000 cash and accounts receivable worth $11,000. Flair contributed cash of $5,000; inventory valued at $16,000; and supplies valued at $2,000. Prepare the journal entries to record each partner's investment in the new partnership.

Answer rating: 100% (QA)

To record each partners investment in the new partnership we need to create journal entries that ref... View the full answer