Luke, Lando and Leia decide to start a partnership called LLL Consulting on May 1, 2023. Each of them contribute a number of items to the partners which are listed below. Luke contributed $6,900 cash and a building he had purchased for $250,000. The building now has a market value of $275,000 Lando contributed $3,800 cash, equipment he had purchased for $27.200 and a note payable worth $23,000. The equipment has a market value of $24,480. Leia contributed $8,700 cash, furniture she has purchased for $12,100 and accounts payable worth $8,000. The furniture has a market value of $9,688 Prepare the journal entries to record the contributions of each partner. Do not enter dollar signs or commas in the input boxes. For transactions with more than one debit or credit. enter the accounts in alphabetical order.

Luke, Lando and Leia decide to start a partnership called LLL Consulting on May 1, 2023. Each of them contribute a number of items to the partners which are listed below. Luke contributed $6,900 cash and a building he had purchased for $250,000. The building now has a market value of $275,000 Lando contributed $3,800 cash, equipment he had purchased for $27.200 and a note payable worth $23,000. The equipment has a market value of $24,480. Leia contributed $8,700 cash, furniture she has purchased for $12,100 and accounts payable worth $8,000. The furniture has a market value of $9,688 Prepare the journal entries to record the contributions of each partner. Do not enter dollar signs or commas in the input boxes. For transactions with more than one debit or credit. enter the accounts in alphabetical order.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter10: Partnerships: Formation, Operation, And Basis

Section: Chapter Questions

Problem 37P

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Luke, Lando and Leia decide to start a partnership called LLL Consulting on January 1, 2023. Each of them contribute a number of items to the partnership, which are listed below. Luke contributed $6,700 cash and a building he had purchased for $239,000. The building now has a market value of $262,900. Lando contributed $3,100 cash, equipment he had purchased for $32,300 and a note payable worth $23,000. The equipment has a market value of $29,070. Leia contributed $7,500 cash, furniture she has purchased for $11,900 and accounts payable worth $6,600. The furniture has a market value of $9,520. Prepare the journal entries to record the contributions of each partner. Do not enter dollar signs or commas in the input boxes. For transactions with more than one debit or credit, enter the accounts in alphabetical order. Date Account Title and Explanation Jan 1 Jan 1 Jan 1 Investment by Luke Investment by Lando Investment by Leia + ♦ → Debit Credit
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K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $50.600 of personal cash to the partnership. Rosen owns land worth $15,300 and a small building worth $77,500, which she transfers to the partnership. Toso transfers to the partnership cash of $11,800, accounts receivable of $32.500, and equipment worth $18,800. The partnership expects to collect $29,250 of the accounts receivable.. (a) Prepare the journal entries to record each of the partners' investments. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation (To record investment of Decker.) (To record investment of Rosen.) Debit Credit
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