Sierra and Jenson formed a partnership. Sierra contributed $25,000 cash and accounts receivable worth $11,000. Jenson's investment included cash $5,000; inventory, $18,000; and supplies, $$1,000.
Prepare the journal entries to record each partner's investment in the new partnership.
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1) Cash Dr. 25000
The expert prepares the journal entries to record each partner's investment in new partnerships.