Chrome- CengageNOWv2| Online teaching and learning resource from Cengage Learnin

Question

Chrome- CengageNOWv2| Online teaching and learning resource from Cengage Learning e Securehttps://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator-assignment-take;&inprogress-false; CH 12 HW Print ltem eBook Show Me How Recording Partner's Original Investment Kimberly Payne and Arionna Maples decide to form a partnership by combining the assets of their separate businesses. Payne contributes the following assets to the partnership: cash, $9,940; accounts receivable with a face amount of $104,370 and an allowance for doubtfui accounts ot $3,760; merchandise inventory with a cost of $95,270; and equipment with a cost of $188,930 and accumulated depreciation of $122,800 The partners agree that $4,590 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $7,830 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of $89,550, and that the equipment is to be valued at $83,320 ournalize the partnership's entry to record Payne's investment. For a compound transaction, if an amount box does not require an entry, leave it blank Check My Work 5 more Check My Work uses 5 more Check My Work uses remaining Next 9:26

Explanation / Answer

Journal entry ;

Date account & explanation debit credit Cash 9940 Account receivable 99780 Merchandise inventory 89550 Equipment 83320 Allowance for doubtful account 7830 Payne's capital 274760 (To record investment in partnership)

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.