Instructions Holly Renfro contributed a patent, accounts receivable, and $21,320 cash to a partnership. The patent had a book value of $8,420. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $92,790. The accounts receivable control account was $40,400, with an allowance for doubtful accounts of $1,900. The partnership also assumed a $9,700 account payable owed to a Renfro's supplier. On December 31, provide the journal entry for Renfro's contribution to the partnership. Refer to the Chart of Accounts for exact wording of account titles. ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable EXPENSES 113 Allowance for Doubtful Accounts 114 Interest Receivable 510 Cost of Merchandise Sold 520 Salaries Expense 115 Notes Receivable 116 Inventory 521 Advertising Expense 522 Depreciation Expense-Equipment 117 Office Supplies 118 Store Supplies 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 531 Rent Expense 119 Prepaid Insurance 120 Land 123 Equipment 124 Accumulated Depreciation-Equipment 129 Asset Revaluations 133 Patent 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 539 Miscellaneous Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 539 Miscellaneous Expense 710 Interest Expense 214 Interest Payable 215 Notes Payable EQUITY 310 Holly Renfro, Capital 311 Holly Renfro, Drawing Journal On December 31, provide the journal entry for Renfro's contribution to the partnership. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY