Answer to Question #256142 in Accounting for Nel

Question

Prepare journal entries for the following transactions. 5.Demar decided to open a thrift shop, he displayed his old clothes and shoes and other items with fair value of 30,000 and set aside a cash amounting to 10,000 to be used for his business. 6.Chris, Nikola’s friends closed his business, the former sold the remaining inventory amounting to 50,000 and the selling equipment with a price of 100,000, to the latter. Nikola started his own business by investing the inventory and equipment he purchased and 100,000 cash. 7.Anthony, James and Russel decided to enter into a business partnership. Anthony invested 200,000 cash, James invested a parcel of land with a fair value of 300,000 and Russel invested equipment with a value of 150,000. 8.Adele, Rihanna, and Taylor decided to enter a partnership to open a business of karaoke bar. Adele invested 100,000 cash, Rihanna invested 200,000 worth of food ingredients, while Taylor invested 300,000 worth of kitchen equipment.

Answer 1

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