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Instructions Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had...

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Instructions Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book value of $28,000 and a market value of $31,000 The inventory had a book value of $80,000, but only had a market value of $40,000, due to obsolescence. The partnership also assumed a $14,800 note payable owed by Smith that was used originally to purchase the equipment. Required: Provide the journal entry for Smith's contribution to the partnership. Refer to the Chart of Accounts for exact wording of account titles General Journal Provide the journal entry for Smith's contribution to the partnership on December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DESCRIPTION POST. REF. DEBIT

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