Instructions Holly Renfro contributed a patent, accounts receivable, and $20,000 cash to partnership. The patent had a book value of $8,000. However, the technology covered by the patent ap significant market potential. Thus, the patent was appraised at $92,000. The accounts receivable control account was $45,000, with an allowance for doubtful accounts of $3,000. also assumed a $14,000 account payable owed to a Renfro supplier, On December 31, provide the journal entry for Renfro's contribution to the partnership. Refer to the Chart of Accounts for exact wording of account titles.

Instructions Holly Renfro contributed a patent, accounts receivable, and $20,000 cash to partnership. The patent had a book value of $8,000. However, the technology covered by the patent ap significant market potential. Thus, the patent was appraised at $92,000. The accounts receivable control account was $45,000, with an allowance for doubtful accounts of $3,000. also assumed a $14,000 account payable owed to a Renfro supplier, On December 31, provide the journal entry for Renfro's contribution to the partnership. Refer to the Chart of Accounts for exact wording of account titles.

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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