Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $46,000 and equipment with a cost of $182,000 and accumulated depreciation of $105,000. The partners agree that the equipment is to be valued at $68,400, that $3,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,300 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash of $21,500 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) | |||
Answers
Accounts title | Debit | Credit | |
a) | Accounts receivables [46000 - 3000] | $43,000 | |
Equipment [valued at] | $68,400 | ||
Allowance for Uncollectible account | $2,300 | ||
Jesse, Capital | $109,100 | ||
(to record Jesse investment) | |||
(b) | Cash | $21,500 | |
Merchandise Inventory | $48,500 | ||
Tim, Capital | $70,000 | ||
(to record Tim's investment) |
Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes...
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