eBook Show Me How Print Item Recording Partner's Original Investment Kimberly Payne and Arionna Mapies decide to form a partnership by combining the assets of their separate businesses. Payne contributes the following assets to the partnership: cash, $9,220; accounts receivable with a face amount of $96,810 and an allowance for doubtful accounts of $3,490; merchandise inventory with a cost of $79,300; and equipment with a cost of $187,100 and accumulated depreciation of $121,620. The partners agree that $4,260 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $7,260 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 $74,540, and that the equipment is to be valued at $82,500. 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. Cash Accounts Receivable Merchandise Inventory Equipment Allowance for Doubtful Accounts Kimberly Payne, Capital 9,220 96,810 X Check My Work Record the assets at their current values, and record the allowance account at its current value. The Capital account will be the balancing them for the entry