Record the journal entry of P’s contribution to the partnership .

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Recording Partner's Original Investment Vanessa Kaiser and Mariah Newman decide to form a partnership by combining the assets of their separate businesses. Kaiser contributes the following assets to the partnership: cash, $25,800; accounts receivable with a face amount of $187,600 and an allowance for doubtful accounts of $5,400; merchandise inventory with a cost of $118,900; and equipment with a cost of $175,800 and accumulated depreciation of $58,200. The partners agree that $6,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $5,700 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of $131,400, and that the equipment is to be valued at $104,900. Journalize the partnership’s entry to record Kaiser’s investment. If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3…

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Chapter 12, Problem 1E

To determine

Record the journal entry of P’s contribution to the partnership.

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Recording Partner's Original Investment Vanessa Kaiser and Mariah Newman decide to form a partnership by combining the assets of their separate businesses. Kaiser contributes the following assets to the partnership: cash, $25,800; accounts receivable with a face amount of $187,600 and an allowance for doubtful accounts of $5,400; merchandise inventory with a cost of $118,900; and equipment with a cost of $175,800 and accumulated depreciation of $58,200. The partners agree that $6,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $5,700 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of $131,400, and that the equipment is to be valued at $104,900. Journalize the partnership’s entry to record Kaiser’s investment. If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3…

< Recording Partner's Original Investment Kimberly Payne and Arionna Maples decide to form a partnership by combining the assets of their separate businesses. Payne contributes the following assets to the partnership: cash, $11,680; accounts receivable with a face amount of $122,640 and an allowance for doubtful accounts of $4,430; merchandise inventory with a cost of $97,310; and equipment with a cost of $185,970 and accumulated depreciation of $120,880. The partners agree that $5,400 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $9,200 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of $91,470, and that the equipment is to be valued at $82,010. Journalize the partnership's entry to record Payne's investment. For a compound transaction, if an amount box does not require an entry, leave it blank.

am. 114.