Gentry,sole proprietor of a hardware business,decides to form a partnership with Noel.Gentry's accounts are as follows: Noel agrees to contribute $80,000 for a 20% interest.Journalize the entries to record
(a)Gentry's investment and
(b)Noel's investment.

Question

Gentry,sole proprietor of a hardware business,decides to form a partnership with Noel.Gentry's accounts are as follows:​  Noel agrees to contribute $80,000 for a 20% interest.Journalize the entries to record 
(a)Gentry's investment and 
(b)Noel's investment.

Quizplus · Accepted Answer

The Answer of Gentry,sole proprietor of a hardware business,decides to form a partnership with Noel.Gentry's accounts are as follows:​  Noel agrees to contribute $80,000 for a 20% interest.Journalize the entries to record 
(a)Gentry's investment and 
(b)Noel's investment.

Gentry,sole Proprietor of a Hardware Business,decides to Form a Partnership