question archive PETER and HARRY formed a partnership
PETER and HARRY formed a partnership
Subject:FinancePrice:2.87 Bought7
PETER and HARRY formed a partnership. PETER contributed $40,000 cash and accounts receivable worth $12,000. HARRY investment included cash, $3,000; Inventory, $10,000; and supplies, $4,000. (All values are current fair market values). Prepare the journal entry to record the formation of the partnership.
