Anita kroll and aaron rogers organize a partnership on


Question: Anita Kroll and Aaron Rogers organize a partnership on January 1. Kroll's initial net investment is $60,000, consisting of cash ($14,000), equipment ($66,000), and a note payable reflecting a bank loan for the new business ($20,000). Rogers's initial investment is cash of $25,000. These amounts are the values agreed on by both partners. Prepare journal entries to record

(1) Kroll's investment and

(2) Rogers's investment.

Solution Preview :

Prepared by a verified Expert
Accounting Basics: Anita kroll and aaron rogers organize a partnership on
Reference No:- TGS02329855

Now Priced at $10 (50% Discount)

Recommended (93%)

Rated (4.5/5)