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Gentry, sole proprietor of a hardware business, decides to form a partnership with Noel. Gentry’s
accounts are as follows:
Noel agrees to contribute P70,000 for a 20% interest. Journalize the entries to record (a) Gentry’s
investment and (b) Noel’s investment.
PROBLEM 2:
Jeff Layton, sole proprietor of a hardware business, decides to form a partnership with Nicholas Fell.
Jeff’s accounts are as follows:
Nicholas agrees to contribute P120,000 for a 20% interest. Journalize the entries to record (a) Jeff’s
investment and (b) Nicholas’ investment.
(a) Cash 30,000
Accounts Receivable 45,000
Inventory 135,000
Land 100,000
Building 540,000
Accounts Payable 25,000
Mortgage Payable 125,000
Jeff Layton, Capital 700,000