Marys accounts are as follows ned agrees to contribute, Accounting Basics

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Marys accounts are as follows ned agrees to contribute

Problem

Mary Hartmann, sole proprietor of a hardware business, decides to form a partnership with Ned Isaacs. Mary's accounts are as follows: Ned agrees to contribute $70,000 for a 20% interest. Journalize the entries to record (a) Mary's investment and (b) Ned's investment.

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Accounting Basics: Marys accounts are as follows ned agrees to contribute

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