Ted Coverdale and Jim Kulak set up a new limited liability company on May 16, 2020. Ted contributes a warehouse and land worth a combined $1,098,000. Market value of the warehouse is $264,000. Jim contributes $893,000 in cash. Write the journal entry to record the contributions to the LLC. Do not enter dollar signs or commas in the input boxes. Enter the debit accounts in alphabetical order, followed by the credit accounts in alphabetical order. Date Account Title and Explanation Debit Credit |Мay 16 To record investment by partners
Ted Coverdale and Jim Kulak set up a new limited liability company on May 16, 2020. Ted contributes a warehouse and land worth a combined $1,098,000. Market value of the warehouse is $264,000. Jim contributes $893,000 in cash. Write the journal entry to record the contributions to the LLC. Do not enter dollar signs or commas in the input boxes. Enter the debit accounts in alphabetical order, followed by the credit accounts in alphabetical order. Date Account Title and Explanation Debit Credit |Мay 16 To record investment by partners
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 2BCRQ
Related questions
Question
100%
C4.1
Transcribed Image Text:Take me to the text
Ted Coverdale and Jim Kulak set up a new limited liability company on May
16, 2020. Ted contributes a warehouse and land worth a combined
$1,098,000. Market value of the warehouse is $264,000. Jim contributes
$893,000 in cash. Write the journal entry to record the contributions to the
LLC.
Do not enter dollar signs or commas in the input boxes.
Enter the debit accounts in alphabetical order, followed by the credit
accounts in alphabetical order.
Date
Account Title and Explanation
Debit
Credit
May 16
To record investment by partners
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT