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Angela moss and autumn barber organize a partnership

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Angela Moss and Autumn Barber organize a partnership on January 1. Moss's initial net investment is $75,000, consisting of cash ($17,500), equipment ($82,500), and a note payable reflecting a bank loan for the new business ($25,000). Barber's initial investment is cash of $31,250. These amounts are the values agreed on by both partners. Prepare journal entries to record 
(1) Moss's investment 
(2) Barber's investment. 

Reference no: EM13900802

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