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, $22,990; accounts receivable with a face amount of $150.400 and an allowance for dette accounts at $3,950; merchandise inventory with a cost of $83,280 and equipment with a cost of $123,390 and accumulated depreciation of 541,300. The partners agree that $5,790 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that 5,120 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 $97,030, and that the equipment is to be valued at $81,690. On December 1, journalize the partnership's entry to record Payne's investment. Refer to the Chart of Accounts for exact warding of account titles