E12-15 Nan Fuentes has been operating an apartment-locator service as a pre prietorship. She and Misti Fulmer have decided to form a partnership Fuentes's investment consists of cash, $8,000; accounts receivable $10,000; furniture, $1,000; a building, $55,000; and a note payabl. $10,000. To determine Funtes's equity in the partnership, she and Fulmer hime an independent appraiser. The appraiser values all the assets and liabil ties at their book value except the building, which has a current marka value of $90,000. Also there are accounts payable of $3,000. Requirement Make the entry on the partnership books to record Fuentes's investment. (pp. 600–601)
E12-15 Nan Fuentes has been operating an apartment-locator service as a pre prietorship. She and Misti Fulmer have decided to form a partnership Fuentes's investment consists of cash, $8,000; accounts receivable $10,000; furniture, $1,000; a building, $55,000; and a note payabl. $10,000. To determine Funtes's equity in the partnership, she and Fulmer hime an independent appraiser. The appraiser values all the assets and liabil ties at their book value except the building, which has a current marka value of $90,000. Also there are accounts payable of $3,000. Requirement Make the entry on the partnership books to record Fuentes's investment. (pp. 600–601)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter19: Accounting For Partnerships
Section: Chapter Questions
Problem 1MP
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Question
![E12-15 Nan Fuentes has been operating an apartment-locator service as a
prietorship. She and Misti Fulmer have decided to form a partnershi
Fuentes's investment consists of cash, $8,000; accounts receivabie
$10,000; furniture, $1,000; a building, $55,000; and a note payable.
$10,000.
To determine Funtes's equity in the partnership, she and Fulmer hime
an independent appraiser. The appraiser values all the assets and liabi
ties at their book value except the building, which has a current marka
value of $90,000. Also there are accounts payable of $3,000.
Requirement
Make the entry on the partnership books to record Fuentes's investment
(pр. 600-601)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff60d38cc-277b-489d-b72a-413c048feb88%2F130d00d9-0ea5-461f-bacb-92ea7af11342%2F3zp0eva_processed.png&w=3840&q=75)
Transcribed Image Text:E12-15 Nan Fuentes has been operating an apartment-locator service as a
prietorship. She and Misti Fulmer have decided to form a partnershi
Fuentes's investment consists of cash, $8,000; accounts receivabie
$10,000; furniture, $1,000; a building, $55,000; and a note payable.
$10,000.
To determine Funtes's equity in the partnership, she and Fulmer hime
an independent appraiser. The appraiser values all the assets and liabi
ties at their book value except the building, which has a current marka
value of $90,000. Also there are accounts payable of $3,000.
Requirement
Make the entry on the partnership books to record Fuentes's investment
(pр. 600-601)
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