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Gentry, Sole Proprietor of a Hardware Business, Decides to Form

Question 32

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Gentry, sole proprietor of a hardware business, decides to form a partnership with Noel. Gentry's accounts are as follows:
Gentry, sole proprietor of a hardware business, decides to form a partnership with Noel. Gentry's accounts are as follows: Noel agrees to contribute $80,000 for a 20% interest. Journalize the entries to record (a) Gentry's investment and (b) Noel's investment. Noel agrees to contribute $80,000 for a 20% interest. Journalize the entries to record (a) Gentry's investment and (b) Noel's investment.

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