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Nate is investing in a partnership with Deidre. Nate contributes as part of his initial investment, Accounts Receivable of $59300; an Allowance for Doubtful Accounts
Nate is investing in a partnership with Deidre. Nate contributes as part of his initial investment, Accounts Receivable of $59300; an Allowance for Doubtful Accounts of $8400 (as estimated by the partnership); and $5000 cash. The entry that the partnership makes to record Nates initial contribution includes a
debit to Accounts Receivable for $50900.
credit to Nate, Capital for $55900.
debit to Allowance for Doubtful Accounts for $8400.
credit to Nate, Capital for $64300.
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