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X /: CengageNOWV2lOnlin × D Cengage Learning v2.cengagenow.com ilm takeAssignment takeAssignment ando invoke:ass nments take Assignm ent ess on cator-assignment take& .com. Lost Pas. Cengage inprogress-false Test Calculator Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $49,000 and equipment with a cost of $183,000 and accumulated depreciation of $95,000. The partners agree that the equipment is to be valued at $67,500, that $3,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,400 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash of $20,500 and merchandise inventory of 45,000. The partners agree that the merchandise inventory is to be valued at $48,500 Dournalize the entries to record in the partnership accounts (a) Jesse's investment and (b) Tim's investment. If an amount box does not require an entry, leave it blank.

Explanation / Answer

Accounts Title Dr Cr a) Accounts Receivable (49000-3000) 46000 Equipment 67500 Allowance for Doubtful Debts 2400 Jesse's Capital 111100 b) Cash 20500 Inventory 48500 Tim's Capital 69000

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