Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $49,000 and equipment with a cost of $175,000 and accumulated depreciation of $97,000. The partners agree that the equipment is to be valued at $68,200, that $3,400 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,500 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash of $21,000 and merchandise inventory of $45,000. The partners agree that the merchandise inventory is to be valued at $48,500. Journalize the entries in the partnership accounts for (a) Jesse's investment and (b) Tim's investment. If an amount box does not require an entry, leave it blank.
Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $49,000 and equipment with a cost of $175,000 and accumulated depreciation of $97,000. The partners agree that the equipment is to be valued at $68,200, that $3,400 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,500 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash of $21,000 and merchandise inventory of $45,000. The partners agree that the merchandise inventory is to be valued at $48,500. Journalize the entries in the partnership accounts for (a) Jesse's investment and (b) Tim's investment. If an amount box does not require an entry, leave it blank.
Chapter21: Partnerships
Section: Chapter Questions
Problem 55P
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![to eBook TOT
akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false
Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face
amount of $49,000 and equipment with a cost of $175,000 and accumulated depreciation of $97,000. The partners agree that the
equipment is to be valued at $68,200, that $3,400 of the accounts receivable are completely worthless and are not to be accepted by the
partnership, and that $2,500 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash
of $21,000 and merchandise inventory of $45,000. The partners agree that the merchandise inventory is to be valued at $48,500.
Journalize the entries in the partnership accounts for (a) Jesse's investment and (b) Tim's investment. If an amount box does not require
an entry, leave it blank.
a.
b.
Allowance for Doubtful Accounts
Cash
Paused
Equipment
Tim, Capital
Tim, Drawing](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F163ad05d-4b3b-4b61-b46d-aa5d26f2b81a%2F1d72c67a-b259-4f88-98ea-971e107ed9a0%2F0mgm96_processed.jpeg&w=3840&q=75)
Transcribed Image Text:to eBook TOT
akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false
Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face
amount of $49,000 and equipment with a cost of $175,000 and accumulated depreciation of $97,000. The partners agree that the
equipment is to be valued at $68,200, that $3,400 of the accounts receivable are completely worthless and are not to be accepted by the
partnership, and that $2,500 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash
of $21,000 and merchandise inventory of $45,000. The partners agree that the merchandise inventory is to be valued at $48,500.
Journalize the entries in the partnership accounts for (a) Jesse's investment and (b) Tim's investment. If an amount box does not require
an entry, leave it blank.
a.
b.
Allowance for Doubtful Accounts
Cash
Paused
Equipment
Tim, Capital
Tim, Drawing
![Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face
amount of $49,000 and equipment with a cost of $175,000 and accumulated depreciation of $97,000. The partners agree that the
equipment is to be valued at $68,200, that $3,400 of the accounts receivable are completely worthless and are not to be accepted by the
partnership, and that $2,500 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash
of $21,000 and merchandise inventory of $45,000. The partners agree that the merchandise inventory is to be valued at $48,500.
Journalize the entries in the partnership accounts for (a) Jesse's investment and (b) Tim's investment. If an amount box does not require
an entry, leave it blank.
a.
b.
Accounts Receivable
Cash
Equipment
Jesse, Capital
Jesse, Drawing](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F163ad05d-4b3b-4b61-b46d-aa5d26f2b81a%2F1d72c67a-b259-4f88-98ea-971e107ed9a0%2Ffnlc4ua_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face
amount of $49,000 and equipment with a cost of $175,000 and accumulated depreciation of $97,000. The partners agree that the
equipment is to be valued at $68,200, that $3,400 of the accounts receivable are completely worthless and are not to be accepted by the
partnership, and that $2,500 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash
of $21,000 and merchandise inventory of $45,000. The partners agree that the merchandise inventory is to be valued at $48,500.
Journalize the entries in the partnership accounts for (a) Jesse's investment and (b) Tim's investment. If an amount box does not require
an entry, leave it blank.
a.
b.
Accounts Receivable
Cash
Equipment
Jesse, Capital
Jesse, Drawing
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