Instructions Chart of Accounts Journal Instructions Kimberly Payne and Arionna Maples decide to form a partnership by combining the assets of their separate businesses. Payne contributes the following assets to the partnership: cash, $24.800; accounts receivable with a face amount of $157,390 and an allowance for doubtful accounts of $4,310, merchandise inventory with a cost of $90.720; and equipment with a cost of $128,070 and accumulated depreciation of $41,130. The partners agree that $5,710 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $5,030 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 $114,480, and that the equipment is to be valued at $91,690. On December 1, journalize the partnership's entry to record Payne's investment Refer to the Chart of Accounts for exact wording of account sites