Hannah Freeman and Hugo Hernandez form apartnershipby combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship:

Hannah Freeman ProprietorshipBalance SheetJune 1, 20Y3Cash$40,250Accounts receivable$75,700Less: Allowance for doubtful accounts4,40071,300Land181,000Equipment$70,000Less: Accumulated depreciationequipment43,50026,500Total assets$319,050Accounts payable$22,500Notes payable64,750Hannah Freeman, capital231,800Total liabilities and owner's equity$319,050

Freeman obtained appraised values for the land and equipment as follows:

Land$252,000Equipment20,700

An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $6,400.

Journalize the partnership's entry for Freeman's investment. If an amount box does not require an entry, leave it blank.

Cash

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Accounts Receivable

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Land

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Equipment

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Allowance for Doubtful Accounts

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Accounts Payable

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Notes Payable

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Hannah Freeman, Capital

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