Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $600 cash, $1900 equipment and a $500 note payable reflecting a bank loan for the new business. Plant's initial investment is cash of $3000. These amounts are the values agreed on by both partners. The journal entry to record Plant's investment is:
A. Debit Cash $2500; debit Note Payable $500; credit Plant, Capital $3000.
B. Debit Cash $3000; credit Plant, Capital $3000.
C. Debit Cash $3000; credit Note Payable $500, credit Plant, Capital $2500.
D. Debit Bloom, Capital $3000; credit Cash $3000.
E. Debit Cash $3500; credit Note Payable $500; credit Plant, Capital $3500.
Answer: B
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On April 1, 2017 the Reba Company purchased 10%, $800,000 bonds of the Trading Up Company at par plus accrued interest. These bonds were classified as an investment in trading securities. The bonds pay interest on June 30 and December 31 each year. The entry by Reba on April 1, 2017, would include a
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Answer the following statements true (T) or false (F)
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From the standpoint of displaying good interpersonal skill, what should Jody do about responding to the call?
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Describe EFT and explain the various ways funds are transferred
What will be an ideal response?