Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 27 Sep 2017 My Price 4.00

Trevor Smith

Trevor Smith contributed equipment, inventory, and $48,000 cash to a partnership. The equipment had a book value of $28,000 and a market value of $31,000. The inventory had a book value of $90,000, but only had a market value of $50,000, due to obsolescence. The partnership also assumed a $15,400 note payable owed by Smith that was used originally to purchase the equipment.

Provide the journal entry for Smith's contribution to the partnership. If an amount box does not require an entry, leave it blank or enter "0".

 
 

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Sep 2017 09:09 PM My Price 4.00

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