Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivable with a face amount of $48,000 and equipment with a cost of $72,000 and accumulated depreciation of $46,500. The partners agree that the equipment is to be priced at $37,500, that $4,400 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,800 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Fallows contributes cash of $27,500 and merchandise inventory of $58,000. The partners agree that the merchandise inventory is to be priced at $47,000. Journalize the entries to record in the partnership accounts (a) Barton's investment and (b) Fallows' investment. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).

Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivable with a face amount of $48,000 and equipment with a cost of $72,000 and accumulated depreciation of $46,500. The partners agree that the equipment is to be priced at $37,500, that $4,400 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,800 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Fallows contributes cash of $27,500 and merchandise inventory of $58,000. The partners agree that the merchandise inventory is to be priced at $47,000. Journalize the entries to record in the partnership accounts (a) Barton's investment and (b) Fallows' investment. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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