Yee,Young,and Kong Form a Partnership

question 31

Essay

Yee,Young,and Kong form a partnership.Yee contributes $50,000 cash,Young contributes $10,000 in cash and equipment with and fair value of $32,000 and Kong contributes cash of $15,000.Prepare the journal entry to record the formation of the partnership.

---

Definitions:

Public Life

Aspects of an individual's life that are observed, encountered, or made accessible to the general public, often in contrast to private life.

Third Place

Any informal public place where people come together regularly for conversation and camaraderie when not at work or at home.

Overidentification

Refers to a situation where individuals are excessively classified into certain categories or groups, often seen in contexts like special education where students may be over-identified for services.

Consumption Addiction

The compulsive engagement in consuming goods or services, leading to negative impacts on one’s life.