Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $45,000 and equipment with a cost of $175,000 and accumulated depreciation of $103,000. The partners agree that the equipment is to be valued at $67,600, that $4,000 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.
Journalize 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.
(a) | |||
(b) | |||
Answer | |||
Journal Entry |
|||
Date | Particulars | Debit | Credit |
a. | Accounts Receivable (45000-4000) | $ 41,000 | |
Equipment | $ 67,600 | ||
Allowance for Doubtful Accounts | $ 2,400 | ||
Jesse, Capital | $ 106,200 | ||
(To record the capital introduced by Jesse) | |||
b. | Cash | $ 20,500 | |
Mechandise Inventory | $ 48,500 | ||
Tim, Capital | . | $ 69,000 | |
(To record the capital introduced by Tim) | |||
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Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes...
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