Michelle Hamilton and Bill Rossi decide to form a partnership. Hamilton invests $$43,200$ cash and accounts receivable of $$30,900$ less allowance for doubtful accounts of $$2,200.$ Rossi contributes $$29,500$ cash and equipment having a $$7,000$ book value. It is agreed that the allowance account should be $$3,100$ and the fair value of the equipment is $$11,000.$

Prepare the necessary journal entry to record the formation of the partnership. $($Credit 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

$$

$$

$$

$$

$$

$$

$$

$$

$$