The journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of $90,000.
<h3>
What journal entries?</h3>
- A journal entry is an act of keeping or producing records of any economic or non-economic transaction.
- An accounting journal, which shows a company's debit and credit balances, records transactions.
- The journal entry can be made up of multiple records, each of which is either a debit or a credit.
- Otherwise, the journal entry is termed unbalanced if the sum of the debits does not equal the total of the credits.
So, the journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of cash invested, and the fair market value.
30,000 + 60,000 = $90,000
Therefore, the journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of $90,000.
Know more about journal entries here:
brainly.com/question/14279491
#SPJ4
The complete question:
T. Dole invests cash and land into an existing partnership. The cash invested is $30,000 and the land has a fair market value of $60,000. The journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of $ ______.
