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ill be shared equally. Journal entries: Alice’s contribution: ``` Debit: Cash $50,000 Credit: Alice’s Capital $50,000 ``` Bob’s contribution: ``` Debit: Equipment $30,000 Credit: Bob’s Capital $30,000 ``` Profit sharing at

e balance in the accounting equation. For example: Purchasing inventory with cash increases assets (inventory) and decreases assets (cash). Borrowing money increases assets (cash) and liabilities (loan payable). By adhering to the double-ent