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