Prepare journal entries to record-partner investment

Reference no: EM1356322

Sierra and Jenson formed a partnership. Sierra contributed $25,000 cash and accounts receivable worth $11,000. Jenson's investment included cash $5,000; inventory, $18,000; and supplies, $1,000.

Prepare the journal entries to record each partner's investment in the new partnership.

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Reference no: EM1356322

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