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Business, 27.09.2019 20:00 coolcatbergmann

Holly renfro contributed a patent, accounts receivable, and $20,000 cash to partnership. the patent had a book value of $8,000. however, the technology covered by the patent appeared to have significant market potential. thus, the patent was appraised at $92,000. the accounts receivable control account was $45,000, with an allowance for doubtful accounts of $3,000. the partnership also assumed a $14,000 account payable owed to a renfro supplier. on december 31, provide the journal entry for renfro’s contribution to the partnership. refer to the chart of accounts for exact wording of account titles.

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