Holly Renfro contributed a patent, accounts receivable, and $23,120 cash to a partnership. The patent had a book value of $8,410. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $86,860. The accounts receivable control account was $35,810, with an allowance for doubtful accounts of $1,980. The partnership also assumed a $10,930 account payable owed to a Renfros supplier.

On December 31, provide the journal entry for Renfros contribution to the partnership. Refer to the Chart of Accounts for exact wording of account titles.

Journal

On December 31, provide the journal entry for Renfros contribution to the partnership. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
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