Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. instructions trevor smith contributed equipment, i

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

90.2K

Verified Solution

Question

Accounting

image
image
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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Below are some key financial ratios for Amazon and Walmart, two competitors in the retail market,...

Finance
Q

1. To prepare your ascorbic acid solution, you and your lab partner dissolved 121.34 g of...

Chemistry
Q

Use the unit circle, along with the definitions of the circular functions, to find theexact...

Basic Math
Q

Use a graphing utility to graph the function and estimate its domain and range Then...

Calculus
Q

Question 4 of 14 Step 1 of 1 Find the y intercept and x intercept...

Algebra
Q

Use technology to find the line of best fit for the following data.You may use...

Algebra
Q

Builder Products, Incorporated, uses the weighted-average method in its process costing system. It manufactures a...

Accounting
Q

Of special note, phantom inventory profits occur when the inventory costs matched against sales are...

Accounting
Q

Explain the concept of productivity in operations management. What factors influence productivity?

Accounting
Q

Troy Engines, Ltd, manufactures a variety of engines for use in heavy equipment. The company...

Accounting
Q

3. Kristen's - Production Economics Labor rate is $12/hour, or $0.20/minute. Pay only for the...

Accounting
Q

In the sales comparison approach, the subject property does not have a fireplace. One of...

Finance