Ch 12 Quiz i Saved Help Save Exit Submit Bloom and Plant or

Ch 12 Quiz i Saved Help Save & Exit Submit Bloom and Plant organize a partnership on January 1. Bloom\'s initial investment consists of $800 cash, $2,500 equipment and a $700 note payable reflecting a bank loan for the new business. Plant\'s initial investment is cash of $4,000. These amounts are the values agreed on by both partners. The journal entry to record Plant\'s investment is: 1.53 points Multiple Choice 00:49:49 Debit Cash $3,300; debit Note Payable $700; credit Plant, Capital $4,000. Debit Cash $4,000; credit Note Payable $700, credit Plant, Capital $3,300. Debit Bloom, Capital $4,000; credit Cash $4,000. Debit Cash $4,700; credit Note Payable $700; credit Plant, Capital $4,700. Mc Graw Hill

Solution

Debit Cash $4,000; credit Plant, Capital $4,000