Phillip and Herbert formed a partnership.Phillip contributed $40,000 cash and accounts receivable worth $12,000.Herbert's investment included cash,$3,000; inventory,$10,000; and supplies,$4,000.(All values are current fair market values).Prepare the journal entry to record the formation of the partnership.

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The Answer of Phillip and Herbert formed a partnership.Phillip contributed $40,000 cash and accounts receivable worth $12,000.Herbert's investment included cash,$3,000; inventory,$10,000; and supplies,$4,000.(All values are current fair market values).Prepare the journal entry to record the formation of the partnership.

Phillip and Herbert Formed a Partnership