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Recording Partner's Original Investment Hannah Freeman and Hugo Hernandez forma partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship: Hannah Freeman Proprietorship Balance Sheet June 1, 2013 Cash Accounts receivable Less: Allowance for doubtful accounts Land Equipment Less: Accumulated depreciation equipment Accounts payable Notes payable $61,300 1,600 $204,000 17,000 $57,000 35,200 Total liabilities and owner's equity Freeman obtained appraised values for the land and equipment as followe Land $32.600 57,700 147,000 21.000 $259,100 $18.300 53,000 187,800 $299,100 Equipment An analysis of the accounts receivable indicated that the allowance for doubelul accounts should be increased to $5.300. Journalas the partnership's entry for Freeman's investment. If an amount bes does not require an entry, leave it blank 47

Recording Partner's Original Investment Hannah Freeman and Hugo Hernandez forma partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship: Hannah Freeman Proprietorship Balance Sheet June 1, 2013 Cash Accounts receivable Less: Allowance for doubtful accounts Land Equipment Less: Accumulated depreciation equipment Accounts payable Notes payable $61,300 1,600 $204,000 17,000 $57,000 35,200 Total liabilities and owner's equity Freeman obtained appraised values for the land and equipment as followe Land $32.600 57,700 147,000 21.000 $259,100 $18.300 53,000 187,800 $299,100 Equipment An analysis of the accounts receivable indicated that the allowance for doubelul accounts should be increased to $5.300. Journalas the partnership's entry for Freeman's investment. If an amount bes does not require an entry, leave it blank 47

FINANCIAL ACCOUNTING
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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Ee 31.

Recording Partner's Original Investment Hannah Freeman and Hugo Hernandez form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship: Hannah Freeman Proprietorship Balance Sheet June 1, 2013 Cash Accounts receivable Less: Allowance for doubtful accounts Land Equipment Less: Accumulated depreciation equipment $61,300 3,600 $204,000 17,000 $57,000 35,200 Accounts payable Notes payable Hannah Freeman, capital Tutal liabilities and owner's equity Freeman obtained appraised values for the land and equipment as follows Land $32.600 57,700 147,000 21.000 $259,100 $18.300 53,000 187,800 $259,100 Equipment An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $5,300, Journalas the partnership's entry for Freeman's investment. If an amount bes does not require an entry, leave it blank.
Transcribed Image Text:Recording Partner's Original Investment Hannah Freeman and Hugo Hernandez form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship: Hannah Freeman Proprietorship Balance Sheet June 1, 2013 Cash Accounts receivable Less: Allowance for doubtful accounts Land Equipment Less: Accumulated depreciation equipment $61,300 3,600 $204,000 17,000 $57,000 35,200 Accounts payable Notes payable Hannah Freeman, capital Tutal liabilities and owner's equity Freeman obtained appraised values for the land and equipment as follows Land $32.600 57,700 147,000 21.000 $259,100 $18.300 53,000 187,800 $259,100 Equipment An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $5,300, Journalas the partnership's entry for Freeman's investment. If an amount bes does not require an entry, leave it blank.
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