Help Save & E Bloom and Plant organize a partnership on January 1. Bloom\'s init

Question

Help Save & E Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $800 cash $1700 equipment and a $s00 note payable reflecting a bank loan for the new business. Plant's initial investment is cash of $2.000. These amounts are the values journal entry to record Bloom's investment is agreed on by both partners. The Multiple Choice Debit Cash $800,debit Equipment $1700, cvedit None Payoble $500, credit Boom Ceptal $2000 Debit Cash $2.000 cnedin Bloom, Cepital $2.000 Debit Cash $800.debit Equipment $1.700credit oom Capal $2.500 Debl Cash 800, debit Equipment $1.200 credit Bloom Capital $2.000 Debt Bloom Capita $3,000cre Common sck MacBook Air 0

Explanation / Answer

Debit cash $800, debit Equipment $1700, Credit Notes payable $500, Credit Bloom capital $2000 Option 1 is correct

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