Beyonce Sheffield and Brittany Field decide to form a partnership by combining the assets of their separate

Question:

Beyonce Sheffield and Brittany Field decide to form a by combining the assets of their separate businesses. Sheffield contributes the following assets to the cash, $18,000; with a face amount of $146,000 and an allowance for doubtful accounts of $4,200; merchandise inventory with a cost of $92,000; and equipment with a cost of $136,000 and accumulated depreciation of $45,000.
The partners agree that $5,000 of the are completely worthless and are not to be accepted by the 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 $98,400, and that the equipment is to be valued at $81,500. Journalize the partnership's entry to record Sheffield's investment.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...