Balance Sheet June 1, 20Y3 $38,800 Cash $72,900 Accounts receivable 4,300 68,600 Less: Allowance for doubtful accounts 175,000 Land Equipment $68,000 Less: Accumulated depreciation-equipment 41,900 26,100 Total assets $308,500 Accounts payable $21,700 Notes payable 63,300 Hannah Freeman, capital 223,500 Total liabilities and owner's equity $308,500 Freeman obtained appraised values for the land and equipment as follows: Land $243,000 Equipment 20,400 An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $6,300. Journalize the partnership's entry for Freeman's investment. If an amount box does not require an entry, leave it blank.

Balance Sheet June 1, 20Y3 $38,800 Cash $72,900 Accounts receivable 4,300 68,600 Less: Allowance for doubtful accounts 175,000 Land Equipment $68,000 Less: Accumulated depreciation-equipment 41,900 26,100 Total assets $308,500 Accounts payable $21,700 Notes payable 63,300 Hannah Freeman, capital 223,500 Total liabilities and owner's equity $308,500 Freeman obtained appraised values for the land and equipment as follows: Land $243,000 Equipment 20,400 An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $6,300. Journalize the partnership's entry for Freeman's investment. If an amount box does not require an entry, leave it blank.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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