Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lori jones invested $60,000 in the michael bauer a

Lori Jones invested $60,000 in the Michael Bauer and Nathaniel Pearson partnership for ownership equity...

50.1K

Verified Solution

Question

Accounting

Lori Jones invested $60,000 in the Michael Bauer and Nathaniel Pearson partnership for ownership equity of $60,000. Prior to the investment, equipment was revalued to a market value of $75,000 from a book value of $33,000. Michael and Nathaniel share net income equally.

a.) Provide the journal entry for the revaluation of the equipment.

b.) Provide the journal entry to admit Lori Jones.

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Algebra
1.2K views

A fireworks show is concerned that the fireworks will explode inside some clouds that are...

Biology
1.2K views

Which of thefollowing is astep inbudgeting timewhen writingunder pressure?A. Note length of testand allot time...

Algebra
1.2K views

Consider the function f x x 4 x 1 x 5 x 36 Find the...

Algebra
1.2K views

Only one of the equations is set up so that the values of a b...

Accounting
1.2K views

Flounder Company compr mercanca a cuenta de un proveedor por $32,100, trminos 2/10, n/30. Flounder...

Accounting
1.2K views

Which of the following is an explicit statement as to whether the financial statements are...

Accounting
1.2K views

Be Clear! 13. (3 pts.) Is this argument valid? [(p 9) (pr)] (qr) ...

Accounting
1.2K views

Which of the following is NOT conducive to effective helping? a. You realize you are...

Accounting
1.2K views

Ivanhoe Co. purchased a machine on January 1, 2021, for $2,000,000 for the express purpose...

Accounting
1.2K views

Jorgensen Jelly Bean Co. compr materias primas con un precio de catlogo de $70 000....

Accounting
1.2K views

On the income statement, sales discounts are normally deducted from sales to yield the cost...

Finance
1.2K views

Hi can I get help on this question Thank you ...