Question

No need to explain, please I beg just solve everything, would be greatly appreciated (thumbs up)! :)

Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet is from Derr's sole proprietorship. The market value of Derr's equipment is $5,300 and the market value of land is $8,300. Balance Sheet $ 4,800 Assets Cash Supplies Equipment Accumulated depreciation-Equip. Land Total assets Liabilities Accounts payable Notes payable Total liabilities Equity M. Derr, Capital Total liabilities and equity 3,488 $ 1,300 3,300 $ 12,500 (10,200) 2,300 4,300 $11,200 8,200 3,000 $11,200 Prepare the partnership's journal entry to record Derr's investment. View transaction list Journal entry worksheet Record investment of Derr. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Answer 1

Ans;

Transaction	General Journal	Debit	credit
	Cash	1300
	Supplies	3300
	Equipment	5300
	Land	8300
	Accounts Payable		4800
	Notes payable		3400
	Mike Derr’s capital (b/F)		10,000
	(To record investment of Derr’s)