K meissner s cohen and e hughes are forming a partnership, Ask an Expert

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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.

Prepare the journal entries to record each of the partners' investments. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

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

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9975752

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