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Make the journal entries to record each of the partners

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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.

Question 1: 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.)

Reference no: EM132583998

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