eBook Show Me How Calculator Print Item Recording partner's original Investment Instructions Chart of Accounts Journal 0 Instructions Kimberly Payne and Arlonna Maples decide to form a partnershi by combining the assets of their separate businesses. Payne contributes the following assets to the partnership cash $23.820:accounts receivable with a face amount of $154.070 and an allowance for doubtful accounts of $3,930, merchandise inventory with a cost of $88,010; and equipment with a cost of $123,840 and accumulated depreciation of $48.490 The partners agree that $5,890 of the accounts receivable are completely worthless and are not to be accepted by the partnership that 5,120 is amonable lowance for the uncollection of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of $100,740, and that the equipment is to be valued at $80, 180 On December 1 Mpumalize the partnership's entry to record Payne's investment. Refer to the Chat of Accounts for exact wording of accounts Check My Work 2 more Check My Work uses remaining -ding partner's original Investment nstructions Chart of Accounts Journal HI Dul structions x Journal SW 00 On December 1. journalize the partnership's entry to record Payne's investment. Refer to the Chart of Accounts for exact wording of account Atles. Th un PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTRE DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 Check My Work 2 more Check My Work uses remaining Next >