Business, 19.11.2019 05:31 Tcareyoliver

Kimberly payne and arionna maples decide to form a partnership by combining the assets of their separate businesses. payne contributes the following assets to the partnership: cash, $22,420; accounts receivable with a face amount of $148,390 and an allowance for doubtful accounts of $4,620; merchandise inventory with a cost of $84,200; and equipment with a cost of $146,270 and accumulated depreciation of $45,790. the partners agree that $5,580 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $5,260 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of $108,260, and that the equipment is to be valued at $86,600. on december 1, journalize the partnership’s entry to record payne’s investment. refer to the chart of accounts for exact wording of account titles

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