Sierra and Jenson formed a partnership- Sierra contributed $25-000 cas.docx

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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. Solution Hi, Please find the detailed answer as follows: Thanks. .

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.
Solution
Hi,
Please find the detailed answer as follows:
Thanks.
Debit Credit
Cash 25000
Accounts Receivable 11000
Sierra, Capital 36000
Cash 5000
Inventory 18000
Supplies 1000
Jenson, Capital 24000

Sierra and Jenson formed a partnership- Sierra contributed $25-000 cas.docx

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