Question

k. decker, s. rosen, and e. toso are forming a partnership. decker is transferring $53,900 of personal cash to the partnership. rosen owns land worth $17,300 and a small building worth $78,600, which she transfers to the partnership. toso transfers to the partnership cash of $13,300, accounts receivable of $35,600, and equipment worth $21,200. the partnership expects to collect $32,040 of the accounts receivable.

Answer 1

The  journal entries to record each of the partners investments are:  Debit Cash  $53,900, Credit Decker, capital $53,900.

Journal entries

a. Debit Cash  $53,900

Credit Decker, capital $53,900

(To record Decker investment)

Debit Land $17,300

Debit Building  $78,600

Credit S. Rosen Capital $95,900

($17,800+$78,600)

(To record s,. rosen investment)

Debit Cash $13,300

Debit Account receivable $35,600

Debit Equipment $21,200

Credit Allowance for Bad debts $3,560

($35,600-$32,040)

Credit Toso, capital $66,540

($13,300+$35,600+$21,200-$3,560)

(To record toso investment)

b. Partner's capital statement

Owner's equity

Deckers capital $53,900

S. rosen capital $95,900

Toso capital $66,540

Total owner's equity $216,340

Therefore the  journal entries to record each of the partners investments are:  Debit Cash  $53,900, Credit Decker, capital $53,900.

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The complete question is:

k. decker, s. rosen, and e. toso are forming a partnership. decker is transferring $53,900 of personal cash to the partnership. rosen owns land worth $17,300 and a small building worth $78,600, which she transfers to the partnership. toso transfers to the partnership cash of $13,300, accounts receivable of $35,600, and equipment worth $21,200. the partnership expects to collect $32,040 of the accounts receivable.

a. Prepare the journal entries to record each of the partners investments.

b. What amount would be reported as total owner's equity immediately after the investments?