eBook Show Me How Calculator Print Item Journalizing Partner\'s Original Investm

Question

eBook Show Me How Calculator Print Item Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $21,000 cash to a partnership. The land had a book value of $81,000 and a market value of $143,000. The inventory had a book value of $57,400 and a market value of $53,400. The partnership also assumed a $58,000 note payable owed by Fisher that was used originally to purchase the land Required: Provide the journal entry for Fishers contribution to the partnership. If an amount box does not require an entry, leave it bi Show all X e Test 3a.rtf 1015 AM

Explanation / Answer

Account Head Debit Credit Cash             21,000 Inventory             53,400 Land          1,43,000 Notes Payable             58,000 Austin Fisher Capital          1,59,400

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.