Homework answers / question archive / K

K

Accounting

Share With

---

K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is investing $46,000 of personal cash to the partnership. Rosen owns land with a fair value of $13,800 and a small building with a fair value of $73,600, which she transfers to the partnership. Toso transfers to the partnership cash of $8,280, accounts receivable of $29,440, and equipment with a fair value of $35,880. The partnership expects to collect $26,680 of the accounts receivable.

 

Prepare the journal entries to record each of the partners' investments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

 

Account Titles and Explanation

Debit

Credit

select an account title to record the investment of cash in business

                                                                       

Building

Cash

Equipment

K. Decker, Capital

Accounts Receivable

S. Rosen, Capital

E. Toso, Capital

Allowance for Doubtful Accounts

Land

enter a debit amount

enter a credit amount

select an account title to record the investment of cash in business

                                                                       

Cash

Land

Allowance for Doubtful Accounts

E. Toso, Capital

Building

K. Decker, Capital

Equipment

Accounts Receivable

S. Rosen, Capital

enter a debit amount

enter a credit amount

(Invest cash in business.)

select an account title to record the investment of land and building in business

                                                                       

Equipment

K. Decker, Capital

Accounts Receivable

S. Rosen, Capital

E. Toso, Capital

Allowance for Doubtful Accounts

Land

Building

Cash

enter a debit amount

enter a credit amount

select an account title to record the investment of land and building in business

                                                                       

Accounts Receivable

Allowance for Doubtful Accounts

S. Rosen, Capital

Cash

Building

K. Decker, Capital

E. Toso, Capital

Equipment

Land

enter a debit amount

enter a credit amount

select an account title to record the investment of land and building in business

                                                                       

Building

S. Rosen, Capital

E. Toso, Capital

K. Decker, Capital

Equipment

Accounts Receivable

Allowance for Doubtful Accounts

Cash

Land

enter a debit amount

enter a credit amount

(Invest land and building in business.)

select an account title to record the investment of assets in business

                                                                       

Land

Allowance for Doubtful Accounts

Equipment

E. Toso, Capital

Building

K. Decker, Capital

Accounts Receivable

Cash

S. Rosen, Capital

enter a debit amount

enter a credit amount

select an account title to record the investment of assets in business

                                                                       

Land

K. Decker, Capital

Allowance for Doubtful Accounts

E. Toso, Capital

Building

Cash

S. Rosen, Capital

Equipment

Accounts Receivable

enter a debit amount

enter a credit amount

select an account title to record the investment of assets in business

                                                                       

Building

S. Rosen, Capital

E. Toso, Capital

Land

Cash

Accounts Receivable

Equipment

K. Decker, Capital

Allowance for Doubtful Accounts

enter a debit amount

enter a credit amount

select an account title to record the investment of assets in business

                                                                       

Cash

Building

K. Decker, Capital

Land

S. Rosen, Capital

Allowance for Doubtful Accounts

Accounts Receivable

Equipment

E. Toso, Capital

enter a debit amount

enter a credit amount

select an account title to record the investment of assets in business

                                                                       

Accounts Receivable

Equipment

K. Decker, Capital

Cash

Land

Allowance for Doubtful Accounts

Building

S. Rosen, Capital

E. Toso, Capital

enter a debit amount

enter a credit amount

(Invest assets in business.)

eTextbook and Media

 

  

  

 

 

What amount would be reported as total partners' equity immediately after the investments?

 

Total partners' equity$

enter Total partners' equity in dollars