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Prepare journal entry to record formation of partnership

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Question - PETER and HARRY formed a partnership. PETER contributed $40,000 cash and accounts receivable worth $12,000. HARRY investment included cash, $3,000; inventory, $10,000; and supplies, $4,000. (All values are current fair market values). Prepare the journal entry to record the formation of the partnership.

Reference no: EM133055860

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