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Record the hendersons investment

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Reference no: EM13512648

Henderson and Erin have decided to form a partnership. Henderson invests the following assets (shown at their agreed upon value) and he also transfers liabilities to the new firm.

Henderson's Accounts

Value

Cash

$17,500

Accounts Receivable

7,000

Merchandise Inventory

10,000

Equipment

4,200

Accounts Payable

3,500

Notes Payable

3,600

Erin agrees to invest $26,000 in cash. Record (a) Henderson's investment; (b) Erin's investment.

 

Reference no: EM13512648

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