Melissa Myers and Hugo Hernandez form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Myers, sole proprietorship:

Melissa Myers

Balance Sheet

1	Cash		$75,000.00
2	Accounts receivable	$135,000.00
3	Less: Allowance for doubtful accounts	7,200.00	127,800.00
4	Land		215,000.00
5	Equipment	$78,000.00
6	Less: Accumulated depreciation-equipment	41,000.00	37,000.00
7	Total assets		$454,800.00
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9	Accounts payable		$24,800.00
10	Notes payable		84,000.00
11	Melissa Myers, capital		346,000.00
12	Total liabilities and owners equity		$454,800.00

Myers obtained appraised values for the land and equipment as follows:

Land	$300,000
Equipment	32,700

An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $9,200.

On December 31, journalize the partnerships entry for Myers investment. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

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