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Meissner s cohen and e hughes are forming a partnership

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Reference no: EM13600184

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.
Journalize entry for formation of a partnership.

Instructions

• (a) Prepare the journal entries to record each of the partner's' investments.
• (b) What amount would be reported as total owner's' equity immediately after the investments?

Reference no: EM13600184

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