Bruce and Christine decided to form a partnership with a 70/30 ownership ratio. Bruce contributes $6,700 cash and $1,300...
Bruce and Christine decided to form a partnership with a 70/30 ownership ratio. Bruce contributes $6,700 cash and $1,300 in merchandise inventory. Christine contributes no financial assets, only her expertise. While journalizing this transaction ________.
Answers:
Bruce, Capital will be debited for $8,000
Bruce, Capital will be credited for $8,000
Bruce, Capital will be credited for $4,000 and Christine, Capital will be credited for $4,000
Bruce, Capital will be credited for $5,600 and Christine, Capital will be credited for $2,400
Homework Answers
Cash + Merchandise = $6,700 + $1,300 = $8,000
Bruce share = $8,000 * 70% = $5,600
Christine share = $8,000 * 30% = $2,400
The answer is Bruce, Capital will be credited for $5,600 and Christine, Capital will be credited for $2,400
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