Question

T. Dole invests cash and land into an existing partnership. The cash invested is $30,000 and the land has a fair market value of $60,000. The journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of $ .

Answer 1

The journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of $90,000.

What journal entries?

• A journal entry is an act of keeping or producing records of any economic or non-economic transaction.
• An accounting journal, which shows a company's debit and credit balances, records transactions.
• The journal entry can be made up of multiple records, each of which is either a debit or a credit.
• Otherwise, the journal entry is termed unbalanced if the sum of the debits does not equal the total of the credits.

So, the journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of cash invested, and the fair market value.

30,000 + 60,000 = $90,000

Therefore, the journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of $90,000.

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The complete question:

T. Dole invests cash and land into an existing partnership. The cash invested is $30,000 and the land has a fair market value of $60,000. The journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of $ ______.