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Prepare the journal entries to record investment

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Problem - K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $48,120 of personal cash to the partnership. Rosen owns land worth $15,270 and a small building worth $75,970, which she transfers to the partnership. Toso transfers to the partnership cash of $12,470, accounts receivable of $33,290 and equipment worth $23,750. The partnership expects to collect $29,961 of the accounts receivable.

Required - Prepare the journal entries to record each of the partner's investment.

Reference no: EM132656738

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