Ron Burgundy and Jack Lime form a partnership called Anchormen United. Ron invests $30,000 worth of cash, and a building that cost him $90,000. The fair value of the building is $95,000. Jack Lime invests $15,000 in cash, accounts receivable $13,000 less allowance for doubtful accounts of $2,000, and equipment $30,000 less accumulated depreciation of $4,000. The fair value of the equipment is $23,000.Journalize Ron Burgundy’s investment in the partnership.Journalize Jack Lime’s investment in the partnership.

At the time of admission, the asset brought by the partner as a part of his capital is always…

Answered: Ron Burgundy and Jack Lime form a…

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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Ron Burgundy and Jack Lime form a partnership called Anchormen United. Ron invests $30,000 worth of cash, and a building that cost him $90,000. The fair value of the building is $95,000. Jack Lime invests $15,000 in cash, accounts receivable $13,000 less allowance for doubtful accounts of $2,000, and equipment $30,000 less accumulated depreciation of $4,000. The fair value of the equipment is $23,000.
Journalize Ron Burgundy’s investment in the partnership.
Journalize Jack Lime’s investment in the partnership.

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