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7 October, 11:37

Moss and Barber organize a partnership on January 1. Moss's initial net investment is $75,000, consisting of cash ($17,500), equipment ($82,500), and a note payable reflecting a bank loan for the new business ($25,000). Barber's initial investment is cash of $31,250.

Prepare journal entries to record

(1) Moss's investment and

(2) Barber's investment.

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Answers (1)
  1. 7 October, 15:01
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    journal entries are as given below

    Explanation:

    solution

    journal entries are as

    first we get here investment by Moss

    date account title debit credit

    January 01 cash $17500

    equipment $82500

    note payable $25000

    Angela Moss capital $75000

    and now we get investment by barber

    date account title debit credit

    January 01 cash $31250

    autumn barber capital $31250
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