Steffi and Leigh form a partnership. Steffi invests $1,000 cash, $2,000 of supplies, inventory with a mar- ket value of $3,000, and machinery with a market value of $4,000. Prepare the partnership's journal entry to record Steffi's investment.

Steffi and Leigh form a partnership. Steffi invests $1,000 cash, $2,000 of supplies, inventory with a mar- ket value of $3,000, and machinery with a market value of $4,000. Prepare the partnership's journal entry to record Steffi's investment.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 7Q: On February 3, 2016 Sam Singh invested $90,000 cash for a 1/3 interest in a newly formed...

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Question

Steffi and Leigh form a partnership. Steffi invests $1,000 cash, $2,000 of supplies, inventory with a mar-
ket value of $3,000, and machinery with a market value of $4,000. Prepare the partnership's journal entry
to record Steffi's investment.
Exercise 12-4
Recording partnership
formation P1

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