On August 1,Jill Farety and Nicole Osilinsky decide to form a partnership.Of the following items shown below,Jill invested the assets and the partnership assumed the liabilities: Nicole invested $40,000 in cash and $25,000 in equipment.
Prepare two journal entries to record the partners' investments in the partnership.

Question

On August 1,Jill Farety and Nicole Osilinsky decide to form a partnership.Of the following items shown below,Jill invested the assets and the partnership assumed the liabilities:  Nicole invested $40,000 in cash and $25,000 in equipment.
Prepare two journal entries to record the partners' investments in the partnership.

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The Answer of On August 1,Jill Farety and Nicole Osilinsky decide to form a partnership.Of the following items shown below,Jill invested the assets and the partnership assumed the liabilities:  Nicole invested $40,000 in cash and $25,000 in equipment.
Prepare two journal entries to record the partners' investments in the partnership.

On August 1,Jill Farety and Nicole Osilinsky Decide to Form