Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 11,2018, olivia and david organize as a

On January 11,2018, Olivia and David organize as a partnership called the Landing Zone. Olivias...

80.2K

Verified Solution

Question

Accounting

On January 11,2018, Olivia and David organize as a partnership called the Landing Zone. Olivias initial net investment in The Landing Zone is $30,000, made up of $7,000 in cash, equipment with a fair value of $33,000, and a $10,000 note payable reflecting a bank loan for the business due in six months. Davids initial investment is cash of $10,000. Record the entries in Journal. Prepare balance sheet for the partnership.

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