Business, 19.10.2019 00:00 auty2925

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 $177,000 and accumulated depreciation of $102,000. the partners agree that the equipment is to be valued at $68,400, that $3,300 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,200 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. required: journalize the entries to record in the partnership accounts (a) jesse’s investment and (b) tim’s investment. refer to the chart of accounts for exact wording of account titles.

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Jesse and tim form a partnership by combining the assets of their separate businesses. jesse contrib...

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