Hannah Freeman Proprictorship Balance Sheet June 1, 20Y3 Cash Accounts receivahl

Question

Hannah Freeman Proprictorship Balance Sheet June 1, 20Y3 Cash Accounts receivahle Less Allowance for doubtfiul accounts Land 140,610.00 7.800 225,360.00 79,690 00 less: 7 Total asscts Accurmmulated depreciatisn-equipment 4.180 00 35,510.00 475,780.00 Accounts payable oNotes pay able $24.590.00 4,020.00 367.170.00 475,780.00 Hannah Freeman, capital 1z Total liabilitics and owner's equity Freeman obtained appraised values for the land and equipment as fodows Land $293,250 Equipment 31,665 An analysis of the accounts receivable indicated that the allowance for doubthul accounts should be increased to $9,210 On December 31, journalize the partnership's entry for Freeman's investment Refer to the Chart of Accounts for exact wording of accou mies

Explanation / Answer

JOURNAL ENTRY: Cash Account Dr. 81700 Accounts receivable Dr. 140610 Land Account Dr. 293250 Equipment Account dr. 31665       Allowance for doubtful debts 9210       Accounts payable 24590       Notes payable    84020       Freeman's Capital 429405 (for contribution of assets and liabilities in partnership)

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