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Bloom and Plant organize a partnership on January 1, Bloom's initial investment consists of $700...

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Accounting

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Bloom and Plant organize a partnership on January 1, Bloom's initial investment consists of $700 cash, $1, 400 equipment and a $1, 200 note payable reflecting bank loan for the new business. Plant's initial investment is cash of $900. These amounts are the values agreed on by both partners. The journal entry to record Bloom's investment is: Debit Cash $700; debit Equipment $1, 400; credit Note Payable $1, 200: credit Bloom, Capital $9,00. Debit Cash $700, debit Equipment $1, 400, credit Bloom, Capital $2, 800. Debit Cash $700 debit Equipment $200, credit Bloom, Capital $900. Debit Bloom, Capital $3300; credit Common stocks $3, 300. Debit cash $900; credit Bloom, capital $900

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