On June 20, 2020, Lucie Majeau Invested the Following Assets

question 47

Essay

On June 20, 2020, Lucie Majeau invested the following assets in a new sole proprietorship: cash, $12,000; office equipment, $6,000; land, $100,000; building, $115,000. Majeau owes the bank a $25,000 note payable that is secured by the land and building. Prepare the general journal entry to record Majeau's investments in the new business.

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Definitions:

President Bill Clinton

The 42nd President of the United States, serving from 1993 to 2001, and a member of the Democratic Party known for his policies on welfare reform, healthcare, and the economy.

Hillary Clinton

An American politician, diplomat, and lawyer who served as the First Lady of the United States, U.S. Senator, and Secretary of State, and was the Democratic nominee for President in 2016.

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