Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 11,2018, olivia and david organize as a

On January 11,2018, Olivia and David organize as a partnership called the Landing Zone. Olivias...

80.2K

Verified Solution

Question

Accounting

On January 11,2018, Olivia and David organize as a partnership called the Landing Zone. Olivias initial net investment in The Landing Zone is $30,000, made up of $7,000 in cash, equipment with a fair value of $33,000, and a $10,000 note payable reflecting a bank loan for the business due in six months. Davids initial investment is cash of $10,000. Record the entries in Journal. Prepare balance sheet for the partnership.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Find the median of the group of data items 3 9 3 1 2 4...

Basic Math
Q

Identify at least three different qualitative data collection instruments (e.g. in-depth interviews, focus groups, etc.) and how...

Basic Math
Q

1) Calculate how many moles of NH3 form when each quantity of reactant completely reacts according...

Chemistry
Q

Abstract Algebra Let G be a group of order 351. Prove that G is not simple.

Advance Math
Q

1. (a) Explain what is meant by the terms countable set and uncountable set. Give a...

Advance Math
Q

1 In which order do the necessary enzymes act to repair a thymine dimer by...

Biology
Q

The count in a bacteria culture was 800 after 20 minutes and 1200 after 30...

Calculus
Q

www7 RADICALS AN Finding the x

Algebra
Q

The following information relates to RW Enterprises payroll for the month of July: Wages Income...

Accounting
Q

Berg, Inc. billed customers for services provided. How does this transaction affect the Statement of...

Accounting
Q

please help with coporate finance capital budgeting assignmentMPS was founded 10 years ago as a...

Accounting
Q

Oak Mart, a producer of solid oak tables, reports the following data from its first...

Accounting