Bert and Ernie plan to open an architectural design company, and they decide to organize...
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Accounting
Bert and Ernie plan to open an architectural design company, and they decide to organize the endeaver as a partnership. Bert contribute $175,000 cash, and Ernie invests only $75,000. Ernie, however, is an accomplished architectural designer, a skill that is considered especially valuable to this business. Therefore in producing the articles of partnership, the partners agree to start the business with equal capital balances.
Prepare the necessary journal entries to record Bert and Earnie's capital contributions using THE BONUS METHOD
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