On January 25, 2024, Melissa Shallowford joins a partnership in opening "Cozy Brew Cafe" by investing various assets and liabilities. Her contributions include:\

$15,000

cash.\ Accounts Receivable totaling

$35,000

, with an expected uncollectible amount, requiring an allowance for doubtful accounts.\ A patented tea brewing process valued at

$71,000

. Use the account Patent (an asset) to record this contribution.\ The partnership will assume Melissa's existing accounts payable of

$11,000

from her prior business activities.\ She anticipates an allowance for doubtful accounts of

$2,000

.\ Create the journal entry for Melissa's capital contribution to "Cozy Brew Cafe" considering her assets, the allowance for doubtful accounts, and the assumed liabilities.

On January 25,2024 , Melissa Shallowford joins a partnership in opening "Cozy Brew Cafe" by investing various assets and liabilities. Her contributions include: $15,000 cash. Accounts Receivable totaling $35,000, with an expected uncollectible amount, requiring an allowance for doubtful accounts. A patented tea brewing process valued at $71,000. Use the account Patent (an asset) to record this contribution. The partnership will assume Melissa's existing accounts payable of $11,000 from her prior business activities. She anticipates an allowance for doubtful accounts of $2,000. Create the journal entry for Melissa's capital contribution to "Cozy Brew Cafe" considering her assets, the allowance for doubtful accounts, and the assumed liabilities