Journalizing partnership formation

Reference no: EM1358418

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

Reference no: EM1358418

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