Scenario 1: Alex and Jamie decide to start a consulting firm named Strategic Advisors. Alex contributes $40,000

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Scenario 1: Alex and Jamie decide to start a consulting firm named "Strategic Advisors." Alex contributes $40,000 in cash, and Jamie contributes $60,000 worth of equipment. They agree to share profits and losses equally. 1) What are the initial journal entries to record the formation of Strategic Advisors? 2) How would the capital accounts of Alex and Jamie look after these entries?

Posted Date: May 18, 2024 03:14 PM

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Scenario 1: Alex and Jamie decide to start a consulting firm named Strategic Advisors. Alex contributes $40,000

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