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Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts partners agree that the equipment is to be
Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts partners agree that the equipment is to be valued at $89,000, that $4.000 of the accounts receivable are completely worthle remaining accounts receivable. Fallows contributes cash of $28,000 and merchandise inventory of $58,000. The partners as Required: Journalize the entries to record in the partnership accounts (a) Barton's investment and (b) Fallows's investment Refe for exact wording of account titles musinesses. Barton contributes secounts receivable with a face amount of 547.000 and equipment with a cost of $188,000 and accumulated depreciation of S102,000. The counts receivable are completely worthless and are not to be accepted by the partnership, and that 51.700 is a reasonable allowance for the uncollectibility of the dise inventory of $50,000. The partners agree that the merchandise inventory is to be valued at $80,500 shentando Fallows investment. Refer to the Chart of Accounts Instructions General Journal Ba pa Barton's Investment rer PAGE 1 JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT 1 2 3 ructions General Journal Fallows's Investment JOURNAL DATE DESCRIPTION POST. REF. DEBIT 1 2 in
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