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Prepare journal entries to record moss investment

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Question - Angela Moss and Autumn Barber organize a partnership on January 1. Moss's initial net investment is $99,000, consisting of cash ($33,000), equipment ($79,000), and a note payable reflecting a bank loan for the new business ($13,000). Barber's initial investment is cash of $26,000. These amounts are the values agreed on by both partners. Prepare journal entries to record (1) Moss's investment and (2) Barber's investment.

Reference no: EM133022402

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