As part of the initial investment, Jackson contributes accounts receivable that had a balance of $32,181 in the accounts of a sole proprietorship. Of this amount, $1,476 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $739. The amount debited to Accounts Receivable for the new partnership is

As part of the initial investment, Jackson contributes accounts receivable that had a balance of $32,181 in the accounts of a sole proprietorship. Of this amount, $1,476 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $739. The amount debited to Accounts Receivable for the new partnership is

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 57P

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As part of the initial investment, Jackson contributes accounts receivable that had a balance of $32,700 in the accounts of a sole proprietorship. Of this amount, $1,474 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $810. The amount debited to Accounts Receivable for the new partnership is O a $32,700 O b. $31,890 O c. $30,416 O d. $31,226
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On April 30, 2021, AAA admits BBB for an interest in his business. On this date, AAA's capital account shows a balance of P 158,400. The following were agreed upon before the formation of the partnership: Prepaid expenses of P17,500 and accrued expenses of P5,000 are to be recognized. 5% of the outstanding accounts receivable of AAA amounting to P100,000 is to be recognized as uncollectible. BBB is to be credited with a one-third interest in the partnership and is to invest cash. Determine the amount of cash to be invested by BBB: fullscreen
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