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Business, 20.04.2020 23:25 jkgtmhuip3503

Bloom and Plan organize a partnership on January 1. Bloom's initial investment consists of $800 cash, $1,700 equipment, and a $500 note payable reflecting a bank loan for the new business. Plants' initial investment is cash of $2,000. These amounts are the values agreed on by both partners. The journal entry to record Plant's investment is:

a. Debit Cash $1,500; debit Note Payable $500; credit Plant, Capital $2,000
b. Debit Cash $2,000; credit Note Payable $500; credit Plant, Capital $1,500
c. Debit Bloom, Capital $2,000; credit Cash $2,000
d. Debit Cash $2,500; credit Note Payable $500; credit Plant, Capital $2,500
e. Debit Cash $2,000; credit Plant, Capital $2,00

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Bloom and Plan organize a partnership on January 1. Bloom's initial investment consists of $800 cash...
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