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1. K. Meissner, S. Cohen, and E. Hughes are forming a partnership. Meissner is transferring $50,000 of personal cash to the partnership. Cohen owns land worth $15,000 and a small building worth $80,000, which she transfers to the partnership. Hughes transfers to the partnership cash of $9,000, accounts receivable of $32,000 and equipment worth $19,000. The partnership expects to collect $29,000 of the accounts receivable.
Instructions
(a) Prepare the journal entries to record each of the partners' investments.
(b) What amount would be reported as total owners' equity immediately after the investments?
Springtown Pediatrics office manager approves the extension of credit to patients and also authorizes write offs of uncollectible accounts Springtown Pediatrics office manager may extend credit based on special circumstances rather than using a fo..
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pierres hair salon is considering opening a new location in french lick california. the cost of building a new salon is
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