Reference no: EM132934244
Problem 1: Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $ 800 in cash, $ 1,700 in equipment, and a $ 500 promissory note due reflecting a bank loan for the new business. The initial investment of the plant is $ 2,000 in cash. These amounts are the values ??agreed by both partners. The journal entry to record the investment of the Plant is:
1- Cash debit $ 2,000; credit, Production capital $ 2,000.
2- Cash debit $ 1,500; debit I will pay to pay $ 500; plant credit, Capital $ 2,000.
3- Cash debit $ 2,000; Credit Accounts Payable $ 500, Plant Capital Credit $ 1,500.
4- Cash debit $ 1,500; debit I will pay to pay $ 500; Plant credit, Capital $ 2,000.
5- Bloom Debit, Capital $ 2,000; Credit Cash $ 2,000.
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