Recording Partner's Original Investment Vanessa Kaiser and Mariah Newman decide to form a partnership by combining the assets of their separate businesses. Kaiser contributes the following assets to the partnership: cash, $18,920; accounts receivable with a face amount of $198,660 and an allowance for doubtful accounts of $7,170; inventory with a cost of $99,540; and equipment with a cost of $139,330 and accumulated depreciation of $90,560. The partners agree that $8,740 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $14,900 is a reasonable allowance for the uncollectibility of the remaining accounts, that the inventory is to be recorded at the current market price of $93,570, and that the equipment is to be valued at $61,450. Journalize the partnership's entry to record Kaiser's investment. If an amount box does not require an entry, leave it blank.

Recording Partner's Original Investment Vanessa Kaiser and Mariah Newman decide to form a partnership by combining the assets of their separate businesses. Kaiser contributes the following assets to the partnership: cash, $18,920; accounts receivable with a face amount of $198,660 and an allowance for doubtful accounts of $7,170; inventory with a cost of $99,540; and equipment with a cost of $139,330 and accumulated depreciation of $90,560. The partners agree that $8,740 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $14,900 is a reasonable allowance for the uncollectibility of the remaining accounts, that the inventory is to be recorded at the current market price of $93,570, and that the equipment is to be valued at $61,450. Journalize the partnership's entry to record Kaiser's investment. If an amount box does not require an entry, leave it blank.

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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