to eBook TOTakeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=falseJesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a faceamount of $49,000 and equipment with a cost of $175,000 and accumulated depreciation of $97,000. The partners agree that theequipment is to be valued at $68,200, that $3,400 of the accounts receivable are completely worthless and are not to be accepted by thepartnership, and that $2,500 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cashof $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 requirean entry, leave it blank.a.b.Allowance for Doubtful AccountsCashPausedEquipmentTim, CapitalTim, Drawing Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a faceamount of $49,000 and equipment with a cost of $175,000 and accumulated depreciation of $97,000. The partners agree that theequipment is to be valued at $68,200, that $3,400 of the accounts receivable are completely worthless and are not to be accepted by thepartnership, and that $2,500 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cashof $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 requirean entry, leave it blank.a.b.Accounts ReceivableCashEquipmentJesse, CapitalJesse, Drawing

Partnership is the relation between two or more partner in which they agree to run the business and…

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.

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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