On July 1, R. Selleck and M. Monroe formed a partnership to provide legal services to...
On July 1, R. Selleck and M. Monroe formed a partnership to provide legal services to clients. Selleck's investment is $10,000 cash and office equipment of $5,000. Monroe's net investment is also $10,000, but it is comprised of cash $15,000 and a note payable reflecting a bank loan for the new business $5,000. Record R. Selleck’s investment by selecting the account names from the drop-down menus and entering the dollar amounts.
Homework Answers
| Date | Account Title | Debit | Credit |
| July 1 | Cash | 10000 | |
| Office equipment | 5000 | ||
| R. Selleck, Capital | 15000 |
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