Michelle Hamilton and Bill Rossi decide to form a partnership. Hamilton invests $$39,000$ cash and accounts receivable of $$33,900$ less allowance for doubtful accounts of $$2,400.$ Rossicontributes $$27,500$ cash and equipment having a $$6,200$ book value It is agreed that the allowance account should be $$3,400$ and the fair value of the equipment is $$10,700.$

Prepare the necessary journal entry to record the formation of the partnership. ccredit account titles are automatically indented when the amount is entered. Do not indent manually List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit