QUESTION 1 Mercian Ford and John Smith formed a partnership to operate a window-

Question

QUESTION 1 Mercian Ford and John Smith formed a partnership to operate a window-cleaning company February 14, 2015. The partnership was formed. Ford transferred to the partnership $160,000 cash, land worth $160,000, a building worth $960,000, and a mortgage on the building of $480,000. Smith transferred to the partnership $80,000 cash and equipment worth $320,000. 1. Prepare the necessary journal entries to record partners' original investment. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) 3 (12pt) TTI Paragraph ' Arial . T-2-e

Explanation / Answer

Cash 160000 Land 160000 Building 960000       Mortgage payable 480000        Ford, Capital 800000 Cash 80000 Equipment 320000        Smith, Capital 400000

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