Exercise 12-2
Print by: IRENE CORDREY-WALKER 272.ZGS1.5p2014.Terrero / HW – Ch 12
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*Exercise 12-2
K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $53,120 of personal cash to the partnership. Rosen owns land worth $15,360 and a small building worth $78,610, which she transfers to the partnership. Toso transfers to the partnership cash of $12,580, accounts receivable of $32,580 and equipment worth $21,040. The partnership expects to collect $29,322 of the accounts receivable.
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
(To record investment of Toso.) What amount would be reported as total owners’ equity immediately after the investments?
Total owners’ equity $
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