LaTasha Nabors and Chelsey Rollins decide to form apartnershipby combining the assets of their separate businesses. Nabors contributes the following assets to the partnership: cash, $23,820; accounts receivable with a face amount of $154,070 and an allowance for doubtful accounts of $3,930; merchandise inventory with a cost of $88,010; and equipment with a cost of $123,640 and accumulated depreciation of $48,490.

The partners agree that $5,890 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 $100,740, and that the equipment is to be valued at $80,180.

On December 1, journalize the partnerships entry to record Nabors investment. Refer to the Chart of Accounts for exact wording of account titles.