Answer:
Explanation:
Given that:
Kathleen Reilly and Ann Wolf decide to form a partnership on August 1
NOW:
Reilly invested land valued at $100,000, a Building valued at $300,000 and a note payable worth $198,000.
Similarly:
Wolf invested $60,000 in cash and $105,000 in equipment in the new partnership.
The objective of this question is to prepare the journal entries to record the two partners original investments in the new partnership.
.Since the partners agreed to be equally capital interest in their business.
SO let's an imaginary table for that and our data for the journal entries  is being computed as follows:
DATE Â Â Â Â Â Â GENERAL JOURNAL Â Â Â Â Â DEBIT Â Â Â Â Â Â Â CREDIT
August 1     Land                  $100,000
           Building               $300,000
           Note payable                        $198,000
           Kathleen Reilly, Capital                $202,000
                                                    Â
August 1      Cash                   $60,000
            Equipment              $105,000
            Ann  Wolf, Capital                   $165,000
                                                    Â
